Shares of Oracle (NYSE: ORCL) flew higher this week. The firm's stock gained 14% as of 4:20 p.m. ET, but was up as much as 17.4% earlier in the week. The surge comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were up 1.7% and 1.6%, respectively.

Oracle is a featured player in President Trump's new artificial intelligence (AI) infrastructure initiative, Project Stargate, and also benefited from developments regarding the TikTok ban.

Select members from the AI industry, including Oracle chief Larry Ellison, were present at the White House as President Trump announced his new program. Project Stargate will include an influx of $500 billion in private investment -- primarily from SoftBank -- directed at increasing domestic AI infrastructure.

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Source Fool.com