President Donald Trump on Tuesday announced a joint venture with Oracle (ORCL), OpenAI, and SoftBank to build artificial intelligence infrastructure in the U.S.
The companies said they would commit $100 billion to start, and as much as $500 billion over the next four years toward the initiative, which Trump called the “largest AI infrastructure project in history.”
OpenAI said it expects the project, called Stargate, to help support American leadership in AI, and that it could create "hundreds of thousands" of jobs in the U.S.
The ChatGPT maker also said that Nvidia (NVDA), Microsoft (MSFT), and Arm (ARM) would be key technology partners in the project.
OpenAI CEO Sam Altman, Oracle Chief Technology Officer and former CEO Larry Ellison, and SoftBank CEO Masayoshi Son joined Trump at the White House Tuesday for the announcement.
Shares of Oracle surged ahead of the announcement to finish the day's session over 7% higher, leaving them up more than 50% over the past 12 months.
UPDATE—Jan. 21, 2025: This article has been updated since it was first published to include additional news, comments and context.
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