Oracle Stock Moves Higher: What's Happening?

Oracle Corp (NYSE:ORCL) shares are climbing Tuesday. The company revealed a power plan for its Project Jupiter data center and joined Marvell and Microsoft to set a new server security standard. Here’s what you should know. Oracle stock is gaining positive traction. What’s pushing ORCL stock higher? Oracle Proposes Electricity Deal With El Paso Electric For Project Jupiter Oracle proposed an Energy Service Agreement with El Paso Electric (EPE) tied to Project Jupiter. EPE would supply electricity for the last phase of construction and the first commissioning tests. It would also provide emergency backup power and cover life safety needs for New Mexico workers on site. Oracle said the Bloom Energy fuel cell microgrid will remain the site’s main electricity source. The proposal also includes a guaranteed payment. Oracle expects to send EPE $10 million every year for a decade. Oracle owes that amount even when it draws less electricity than the contract allows. The company said the payments cover costs of the shared electric system that EPE’s New Mexico customers would otherwise absorb. A second agreement proposes credits for EPE’s New Mexico households and small businesses. Oracle would provide up to $55 million per year for as many as three years. Customers could see the savings beginning in 2027. Oracle said the credits go beyond the White House Ratepayer Protection Pledge it signed to pay its own energy costs. Oracle, Microsoft and Marvell Form Data Center Security Group Oracle also joined a separate security effort. Oracle, Microsoft Corp (NASDAQ:MSFT) and Marvell Technology Inc (NASDAQ:MRVL) created a working group within the Open Compute Project’s (OCP) Security Track. Its goal is a common design for an integrated hardware security module (HSM) that meets the NIST FIPS 140-3 Level 3 standard. The design targets cloud and hyperscale data centers. The group will draft open specifications for managing encryption keys inside each server. The companies said this lowers delays and strengthens protection for cloud workloads. The companies added that most servers leave keys exposed today. They send keys over the network from a separate HSM or manage them in software alone. The new specification would build a certified hardware enclosure, key storage and a chain that proves workload integrity into each server. The group will release a first draft around the OCP Global Summit, held Oct. 12 to 15 in San Jose, California. Version 1.0 will follow. ORCL Shares Are Rising ORCL Price Action: Oracle shares were up 0.79% at $138.47 at the time of publication on Tuesday, according to Benzinga Pro. The stock traded above $140 on Tuesday before pulling back. Read Also: Cyclicals Lead Sectors In Tuesday Trading As Health Care Trails Image: Grand Warszawski/Shutterstock