SoftBank Group Corp., OpenAI, and Oracle Corp. are forming a $100 billion joint venture to fund artificial intelligence infrastructure, an effort unveiled with President Donald Trump aimed at speeding development of the emerging technology.

President Donald Trump on Tuesday announced that three leading companies would make a large investment in artificial intelligence infrastructure.

U.S. President Donald Trump on Tuesday announced a private sector investment of up to $500 billion to fund infrastructure for artificial intelligence, aiming to outpace rival nations in the business-critical technology.

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

The president said it will be the largest AI infrastructure ever built and that it will help counter technology threats from China and other countries.

Donald Trump has announced the "Stargate Project." Backed by major tech companies, the project aims to boost AI infrastructure in the U.S.