Global stocks steadied on Thursday, as a rally fueled by President Donald Trump's spending plans for artificial intelligence infrastructure fizzled and caution set in over what the new U.S. president's next moves on trade might be.

Yesterday the world of AI and stocks in the sector changed as President Donald Trump announced the formation of Stargate , a new $500 billion joint venture deal to build artificial intelligence infrastructure in the US, with Oracle ( NYSE:ORCL ), ChatGPT creator OpenAI, and Japanese conglomerate SoftBank all at the table ..

Shares of Oracle ( ORCL 6.75%) are flying higher on Wednesday. The company's stock is up 6.4% as of 11:20 a.m. ET, but gained as much as 11.3% earlier in the day. The sharp move came as the S&P 500 and the Nasdaq Composite gained 0.7% and 1.3%, respectively.

President Donald Trump said he is open to Elon Musk or Oracle (ORCL) Chairman Larry Ellison purchasing TikTok as part of a joint venture with

President Donald Trump on Tuesday announced that three leading companies would make a large investment in artificial intelligence infrastructure. OpenAI, SoftBank (9984.T), and Oracle (

Shares of Oracle ( ORCL 7.17%) are on the move today. The firm's stock is up 5.7% as of 1 p.m. ET. The leg up comes as the S&P 500 ( ^GSPC 0.88%) and Nasdaq Composite ( ^IXIC 0.64%) gained 0.6% and 0.3%, respectively.

Challenges came in tandem with TikTok’s success. U.S. officials expressed concerns about the company’s roots and ownership, pointing to laws in China that require Chinese companies to hand over data requested by the government. Another concern became the proprietary algorithm that populates what users see on the app.

In addition to Trump, you can guarantee that virtually every tech company will mention AI revenue and spending. According to Jefferies analyst Brent Thill, Microsoft should report improved AI consumption and continued spending, something investors have been hoping for as the company works to meet customer demand for AI infrastructure.

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As the fate of TikTok hangs in the balance, one of the world’s most popular and successful content creators has announced a bid to buy it. 💰💸Limited time! Get TheStreet Pro’s quarterly call for free.

Salesforce CEO Marc Benioff was literally chuckling when talking to CNBC from Davos about the new rift in Microsoft’s relationship with OpenAI. As part of OpenAI’s plans to team up with SoftBank and Oracle on a $500 billion data center project called Stargate,

People take pictures on an overpass with a display of stock information in front of buildings in the Lujiazui financial district in Shanghai, China August 6, 2024. REUTERS/Nicoco Chan/File photo ...