OpenAI, Softbank and Oracle will create a joint venture called Stargate, the new US president said at a White House briefing. The initial investment will be $100bn, and then the amount will be expanded.
SoftBank CEO Masaesi Son, Sam Altman of OpenAI and Larry Ellison of Oracle were present at the event.
"China is a competitor, others are competitors. We want it to be in this country and we're making it available." - Donald Trump said.
"AI holds incredible promise for all of us, for every American," Ellison said, as he called it a "very exciting program for Oracle to be a part of."
Oracle shares rose 7% in the January 21 trading session and continued their upward momentum in the post-market.
Trump said the project would create more than 100,000 jobs for Americans almost immediately. Altman called it ‘the most important project of this era’ Three executives predicted improvements in the health care sector.
"I believe as this technology progresses, we will see diseases get cured at an unprecedented rate,' Altman said.
Other investors are expected to join the venture. In December, Son pledged to invest $100bn in AI infrastructure in the US.
On his first day in office, Trump cancelled former US President Joe Biden's Executive Order 2023, which aimed to reduce potential AI risks. The document required AI developers to share the results of security tests with the US government.
According to the Republicans, the decree impedes innovation.
Recall, in his farewell speech to the nation, Biden touched on the benefits and risks associated with artificial intelligence.
In April 2024, the media learnt about Altman's work on creating a global AI coalition among government and industry leaders.
In September, the OpenAI CEO planned to implement a large-scale project to create tens of billions of dollars worth of AI equipment and systems.
