President Donald Trump unveiled a major artificial intelligence (AI) infrastructure project from the private sector on the first full day of his second term in office on Tuesday.
During his speech at the White House, Trump announced that Softbank, OpenAI and Oracle have joined a project called Stargate, to build data centers in the US to enable AI.
Then-president Donald Trump speaks during the House GOP conference, Nov. 13, 2024, Washington. (Allison Robbert/Pool via AP, File) (Allison Robbert/Pool via AP, File) / AP Newsroom)
The CEOs of all three technology companies — Sam Altman of OpenAI, Larry Ellison of Oracle, and Softbank’s Masayoshi Son — joined Trump from the Roosevelt Room of the White House to make the announcement.
The initial investment for the program will be $100 billion, with plans to grow to $500 billion over the next four years. The first data center built under this plan will be in Texas, and will eventually expand to other states.
Trump said it’s “the largest AI infrastructure project, by far, in history.”
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Trump has been working to consolidate private business investment in the US ahead of his second term. Last month, Son joined Trump in announcing Softbank’s plans to invest $100 billion in America with the goal of creating 100,000 new jobs.
A White House official told FOX Business that after the election, Trump has now secured $1 trillion of US private investment in various projects.
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As a candidate in 2016, Trump promised to push a $1 trillion infrastructure bill through Congress. He talked about this topic as president every time during his first term from 2017 to 2021, but it happened.
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His Democratic Alliance successor, Joe Biden, signed a $1 trillion infrastructure bill into law in 2021 with Republican and Democrat lawmakers to fund thousands of projects to rebuild roads and bridges and fund new climate action and broadband initiatives.
Then President Joe Biden speaks during an event in the South Court Auditorium in the Eisenhower Executive Office Building at the White House on October 23, 2023 in Washington, DC. During the event, Biden talked about his administration’s “Bidenomics” (Photos by Anna Moneymaker/Getty Images)
Trump’s second administration and the new Congress will have opportunities to put their stamp on the infrastructure legislation that Biden passed. Agency officials will know giving away tens of billions of dollars of the remaining competitive grants, the Brookings Institution said in a blog post in November.
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Meanwhile, Trump has signed a number of executive orders since being sworn into office on Monday, advancing his administration’s goals on issues ranging from illegal immigration to withdrawing from the World Health Organization.
FOX Business Edward Lawrence, Fox News Digital’s Paul Steinhauser and Reuters contributed to this report.
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