Trump announced a $500 billion 'Stargate' AI venture led by Oracle, OpenAI and SoftBank.

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President Donald Trump on Tuesday announced a new $500 billion, private-sector investment to build artificial intelligence infrastructure in the U.S., with Oracle ( ORCL ), ChatGPT creator OpenAI, and Japan’s Consortium Softbank ( 9984.T ) among the joint ventures.

The joint venture, called Stargate, is expected to start a data center project in Texas, CBS News reported. The first to report the news. Company executives are expected to attend the White House on Tuesday to pledge an initial investment of $100 billion. Other companies are expected to invest up to $500 billion in the program in the coming years.

Shares of Oracle ( ORCL ) rose 7% on Tuesday and continued to gain in after-hours trading, up more than 3%.

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

Trump said this innovation would immediately create more than 100,000 American jobs.

On Monday, Trump signed a wave of executive orders that included revoking Biden’s Executive order Established security guidelines for generative AI. The order required large language models to provide security test results to the US government and federal agencies to assess potential threats.

Big tech executives including Amazon’s ( AMZN ) Jeff Bezos , META’s ( META ) Mark Zuckerberg and Apple’s ( AAPL ) Tim Cook attended the president’s inauguration on Monday as the sector cheered for Trump in the wake of his election in November. to win

Another day one of the president’s actions is included. Calling a national power emergencyAlso a heavy focus on immigration. More steps are expected later this week, including more clarity on Trump’s highly anticipated tariff plans.

President Donald Trump gives the thumbs up during the National Prayer Service at the Washington National Cathedral, Tuesday, Jan. 21, 2025, in Washington. (AP Photo/Evan Vucci) · Corresponding Press

Alexandra Boy He is a senior reporter at Yahoo Finance. Follow her with X. @allie_canal, LinkedIn, And email me at alexandra.canal@yahoofinance.com.

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