The AI data center spending spree continues.

Shares of Nvidia ( NVDA 3.91% ) are rising on Wednesday, up 4% as of 2:13 p.m. ET. The gain comes as the S&P 500 and the Nasdaq Composite gained 0.3% and 0.1%, respectively.

The artificial intelligence (AI) chip giant's stock surged after Oracle reported earnings, revealing a revenue backlog that shocked Wall Street.

Oracle's spending signals strong GPU demand

Oracle reported earnings that included $455 billion in total remaining performance obligations (RPOs) -- essentially future revenue for which it is already contracted and now must deliver on. That figure is more than 4 times larger than it was during the same quarter last year. The cloud infrastructure provider plans to deploy $35 billion in capital expenditures (capex)

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