Oracle shares soared about 33% before the bell on Wednesday after the company pointed to a demand surge for its cloud services from AI firms, underscoring its deeper push into the backbone of artificial intelligence systems.

The surge in Oracle's cloud business reflects a broader shift in the industry, with companies such as OpenAI and xAI scrambling to secure massive computing capacity needed to stay ahead in the AI race by boosting spending to hundreds of billions of dollars annually.

Oracle's results lifted shares of Nvidia, Broadcom and AMD, which supply semiconductors used in data centers.

Competitor CoreWeave's shares were up 20.2% in morning trading.

CoreWeave said Tuesday it launched a new initiative focused on supporting founders and companies developing artificial intelligence technologies.

CoreWeave Ventures aims to provide, among other things, various capital investment models to help firms scale, as well as "accelerated access" to the company's cloud platform, it said.