Trump announces $500 billion AI “Stargate” project headed by Oracle, OpenAI and SoftBank

President Donald Trump on Tuesday announced a new $500 billion investment in the private sector to build artificial intelligence infrastructure in the United States, in collaboration with Oracle.ORCL), ChatGPT creator OpenAI, and Japanese conglomerate SoftBank (9984.T) between those committed to the joint project.

The joint venture, called Stargate, is expected to start with a data center project in Texas, according to CBS News. Which first broke the news. Company executives were expected to commit to an initial investment of $100 billion when they appeared at the White House on Tuesday. It is expected that other companies will join the project and bring investment in the program to $500 billion in the coming years.

oracle (ORCL) The stock jumped 7% on Tuesday and continued its climb in after-hours trading, rising more than 3%.

SoftBank CEO Masayoshi Son, OpenAI chief Sam Altman, and Oracle CEO Larry Ellison all attended Tuesday’s event.

Trump claimed the project would create “more than 100,000 American jobs almost immediately.”

Monday Trump A wave of executive orders occurredWhich included canceling the Biden era Executive order Which developed safety guidelines for generative artificial intelligence. It would have required large language forms to share safety test results with the US government and tasked federal agencies with evaluating potential risks.

Executives at major technology companies, including Amazon (Amzn(Jeff Bezos, Meta)dead(Mark Zuckerberg and Apple)Apple(Tim Cook, they were in attendance at the president’s inauguration on Monday as the industry warmed up to Trump in the wake of his election victory in November.

Other actions included on the first day of the President Call a national energy emergencyas well as a strong focus on immigration. More action is expected later this week, including more clarity on Trump’s actions Highly anticipated tariff plans.

Alexandra Canal He is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, linkedin, And email it to [email protected].

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