Oracle's (NYSE:ORCL) expanded role in the Stargate Project reinforces BNP Paribas Exane's belief that hyperscalers remain of the best ways for investors to take advantage of the rapid rise of artificial intelligence.

Stargate — OpenAI’s project with partners including Oracle and SoftBank Group Corp. to invest $500 billion in AI infrastructure — was first announced in January at the White House. So far, Oracle has developed a massive data center in Abilene, Texas, for OpenAI alongside development partner Crusoe.

Microsoft Corp (NASDAQ: MSFT) is leasing 4.5 gigawatts of computing power from Oracle Corp (NYSE: ORCL) under its Stargate initiative, with OpenAI as a potential customer.