Oracle gains as cloud infrastructure business gets AI boost

Oracle shares jumped nearly 9% on Wednesday as investors cheered a boom in demand for the company's relatively low-cost cloud infrastructure services from artificial intelligence applications.

If the gains hold, the company will add more than $28 billion to its market valuation of $340 billion as of Tuesday market close.

The shares have so far this year gained 18%.Oracle has been ramping up its cloud infrastructure unit, which is expected to drive growth by renting out cloud computing and storage to companies, but will face competition from Alphabet's Google, Microsoft and Amazon.com.
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 Oracle shares jumped 9% on Wednesday due to a surge in demand for the company's cloud infrastructure services driven by artificial intelligence (AI) applications . This increase in demand could potentially add $30 billion to Oracle's market valuation, which currently stands at $340 billion