Oracle has landed a $300 billion OpenAI deal, among the largest in cloud history. The agreement, reported by The Wall Street Journal, will see OpenAI purchase computing power from Oracle over the next several years in a bet that could reshape the cloud market. The scale of the pact underscores both the opportunities and risks tied to the AI boom.

The S&P 500 and the Nasdaq hit intraday record highs at the open on Wednesday, after cooler-than-expected producer inflation data boosted bets on interest-rate cuts by the Federal Reserve, while a surge in cloud computing firm Oracle added to gains.