Joint venture Stargate will be building out data centers and beefing up electricity generation to support the fast-evolving artificial intelligence scene.

Trump Administration announced Stargate AI infrastructure joint venture, investing $500 billion over 4 years. SoftBank, Oracle, OpenAI, and Abu Dhabi's MGX involved.

The effort was described as a $500 billion investment in artificial intelligence. Read how a small Texas city with a population of about 130,000 fits into the plans.

SoftBank Group shares jumped after the company and ChatGPT-maker OpenAI announced plans to invest up to half a trillion dollars in artificial-intelligence infrastructure in the U.S. Shares rose 8.8% to 10,060 yen, or equivalent to $64.69, on Wednesday in Tokyo, after climbing as much as 9.2% earlier, to their highest level since July.

The Trump administration will ease the way for OpenAI, Oracle, MGX, and SoftBank to build a generative AI computing system.

On Tuesday afternoon, President Donald Trump held a press conference to announce Stargate, a $500 billion artificial intelligence (AI) infrastructure project in the United States. He called it the "largest AI infrastructure project, by far, in history."

Elon Musk is already casting doubt on OpenAI’s new, up to $500 billion investment deal with SoftBank (SFTBY) and Oracle (ORCL), despite backing from his allies — including President Donald Trump.

Both the Stargate announcement and the revocation of the AI safeguard Biden had put in place sparked widespread criticism from privacy and security experts.

Under the Trump administration, OpenAI and other members of the tech sector are making a push to establish AI dominance in the U.S.

Tech titan Elon Musk cast doubt Wednesday on a $500 billion AI project announced by US President Donald Trump, saying the money promised for the investment actually wasn't there.