12:11 PM EST, 01/22/2025 (MT Newswires) -- All three major US stock indexes were higher around midday Wednesday, with the S&P 500 touching a record high and the tech-heavy Nasdaq up more than 1% after President Trump's administration committed to making the US a leader in artificial intelligence.

Trump announced the $500 billion "Stargate" initiative to build up US AI capacity involving Microsoft ( MSFT )-backed (MSFT) OpenAI, Oracle (ORCL) and SoftBank. OpenAI said Microsoft ( MSFT ) as well as Arm (ARM), Nvidia ( NVDA ) , Oracle, and OpenAI are the "key initial technology partners" of Stargate.

Shares of Microsoft ( MSFT ) rose 3.7%, Arm advanced 15%, Nvidia ( NVDA ) added 4.2% and Oracle gained 7.1% in recent Wednesday trading.

In earnings news, Netflix ( NFLX ) shares jumped past 11% around midday Wednesday, a day after the streaming giant reported subscriber growth and earnings that topped expectations by analysts. In Q4, Netflix ( NFLX ) added 18.9 million subscribers worldwide, almost double market estimates. Revenue also topped market expectations.

Procter & Gamble ( PG ) shares rose 2.7% after it reported higher fiscal Q2 core earnings and net sales.

Johnson & Johnson ( JNJ ) shares fell 3.6% after it reported lower adjusted earnings and higher sales for fiscal Q4.

Abbott Laboratories ( ABT ) shares were up 2.7% after it reported higher Q4 adjusted earnings and net sales.

Price: 444.15, Change: +15.65, Percent Change: +3.65