Breaking: Trump Announces Tech Companies Will Invest $500 Billion in AI Infrastructure

President Donald Trump on Tuesday announced a joint venture between three large tech companies to invest as much as $500 billion into building out U.S. artificial intelligence infrastructure.

The joint venture, known as Stargate, involves Oracle, Open AI, and Softbank and will see the companies join together to build out American data centers to power artificial intelligence systems, including ChatGPT. Stargate, which could cost up to $500 billion over a four-year period, will begin with a data center in Texas, a state friendly to crypto and other parts of the tech industry.

“This monumental undertaking is a resounding declaration of confidence in America’s potential under a new president,” Trump said. He appeared relaxed and made several off-the-cuff quips during the press conference.

Trump said he would help the venture speed up production through emergency declarations and predicted that it would create 100,000 American jobs.

CBS News first reported on the announcement ahead of Trump’s press conference. Open AI CEO Sam Altman, Oracle chairman Larry Ellison, and Softbank CEO Masayoshi Son were all present at the White House for the announcement. The companies will initially put $100 billion into Stargate before opening up the venture to outside investors.

Ellison credited Trump for helping make the investment happen and said ten buildings are currently under construction in Texas. Stargate will expand to 20 buildings at its Texas location and then start construction elsewhere, he said.

“We certainly couldn’t do this without you,” Ellison said, as he gestured towards Trump. He explained the importance of AI for electronic health records and allowing doctors to better understand their patients’ condition.

Masayoshi Son, speaking to Trump, said the investment was the beginning of a new golden age and suggested the joint venture might not have happened if Trump did not win the election.

“I think this will be the most important project of this era,” Altman declared. He is “thrilled” to do the artificial intelligence project in the U.S., he said.

Trump asked Altman what he thought AI would do for fighting diseases and Altman replied by predicting that AI would allow for diseases to be cured at a rapid rate. Ellison spoke about how AI is being used to work on a cancer vaccine and to analyze blood tests.

Altman was one of several tech industry tycoons to donate to Trump’s inaugural committee ahead of the 45th and 47th president’s swearing in. He personally gave $1 million and subsequently criticized Democrats for inquiring about his donation.

The enormous investment package is an early win for President Trump’s efforts to unleash American innovation and stay competitive with China in the race to develop AI technology. On Monday, Trump repealed an executive order from former president Joe Biden that imposed guardrails on AI. The industry argued Biden’s policy was detrimental to AI innovation.

Accelerating technological innovation and expanding American energy production are two themes of Trump’s promise to usher in a new American golden age.

Trump has hired a number of leading technologists for influential policy roles on artificial intelligence and other important issues for the administration. Trump hired venture capitalist and outspoken Republican donor David Sacks to be the administration’s AI and crypto czar. He also brought in Andreessen Horowitz partner Sriram Krishnan to serve as a senior policy advisor for AI at the White House office of science and technology policy.

Those hires reflect the tech industry’s growing embrace of Trump and the Republican Party after the Biden administration pursued high-profile antitrust cases against Silicon Valley titans and pressured tech platforms into censoring speech online.

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Trump Announces Tech Companies Will Invest $500 Billion in AI Infrastructure

The investment is an early win for Trump’s efforts to unleash American innovation and stay competitive with ... READ MORE

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