Netflix, Oracle and other big technology stocks are lifting Wall Street toward a record on Wednesday as their profits pile higher and excitement builds around the moneymaking prospects of artificial intelligence.

Shares of Oracle ( ORCL 6.97%) 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.

Oracle stock is higher Wednesday after President Trump announced the $500 billion AI-focused Stargate Project. Here's what you need to know.

Oracle shares jumped nearly 9% in premarket trading on Wednesday, after U.S. President Donald Trump said the company would make a large investment in artificial intelligence infrastructure, alongside OpenAI and SoftBank.