The project will entail a joint venture between Oracle, Open AI and Softbank with the promise of investing nearly $500 billion into artificial intelligence infrastructure over the next four years. Other partners also include Nvidia, Microsoft and ARM— companies that have all been paramount to the significant AI boom in recent years.
Joint venture Stargate will be building out data centers and beefing up electricity generation to support the fast-evolving artificial intelligence scene.
Yes, that's the name of a 1994 Roland Emmerich movie. It's now a big infrastructure project to help power tech giants' foray into AI.
President Donald Trump announced the $500 billion Stargate Project in Texas to advance AI research, starting with a data center in Abilene.
President Donald Trump talked up a joint venture investing up to $500 billion for infrastructure tied to AI by a new partnership formed by OpenAI, Oracle and SoftBank.
In a blog post announcing the launch, the AI giant confirmed it had signed a deal with SoftBank (lead partner), Oracle (initial equity funder) and MGX (initial equity funder) to provide $500 billion in funding over the course of four years.
Shares of SoftBank Group Corp. jumped as much as 8.1% after US President Donald Trump announced a multi-billion dollar push by the Japanese company, OpenAI and Oracle Corp. to build AI infrastructure in the US.
President Donald Trump on Tuesday announced a major investment to build infrastructure for artificial intelligence led by Japanese giant Softbank, cloud giant Oracle and ChatGPT-maker OpenAI.
Masayoshi Son of SoftBank, Sam Altman of OpenAI and Larry Ellison of Oracle joined Trump for the $500 billion announcement.
OpenAI, SoftBank and Oracle will form a joint venture called Stargate to fund energy and infrastructure projects to help meet skyrocketing demand from AI.