Oracle (ORCL), Microsoft-backed (MSFT) OpenAI, and SoftBank announced a joint venture Tuesday called Stargate to create AI-focused data centers in the US, starting with a $100 billion investment and expanding to $500 billion during the next four years, OpenAI said in a statement Wednesday.
The companies behind the project -- which begins with a data center in Texas -- claimed this will create hundreds of thousands of jobs.
SoftBank will lead financial efforts and the company's CEO Masayoshi Son will be named president, the company added. OpenAI also said it will manage operations with Nvidia (NVDA), Microsoft, and Arm (ARM) joining as technology partners.
President Trump said he will expedite the process, Reuters reported Tuesday.
Oracle shares rose nearly 9% on recent premarket activity.
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