Investing.com -- President Trump is preparing to disclose a significant private sector commitment to the development of artificial intelligence infrastructure in the United States, according to a report from CBS. The investment, amounting to billions of dollars, will be aimed at building a robust AI framework across the country.
The commitment is part of a joint venture named Stargate, which involves tech giants OpenAI, Softbank (OTC:SFTBY), and Oracle (NYSE:ORCL). The news of this venture was shared by numerous persons who are familiar with the deal.
It is anticipated that SoftBank (TYO:9984)'s CEO, Masayoshi Son, Sam Altman from OpenAI, and Larry Ellison of Oracle will be present at the White House later today. The executives from these companies are expected to announce an initial commitment of $100 billion. Over the next four years, they plan to invest up to $500 billion into Stargate.
The details of this new partnership are yet to be fully disclosed. However, it is known that the first project under Stargate will be a data center located in Texas. The plan is for the venture to eventually extend its reach to other states.
While it is expected that other investors will join this venture, it is not yet clear who these investors might be. The commitment from these tech giants represents a significant investment in the future of AI infrastructure in the United States.
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