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.

Tesla Inc. CEO Elon Musk cast doubt Wednesday on the ambitious $500 billion Project Stargate, hours after its announcement, claiming lead investor SoftBank Group SFTBY -0.36% + Free Alerts SFTBF + Free Alerts has “well under $10B secured.”

The project, which will be financially led by SoftBank and operationally by OpenAI, will see an immediate investment of $100 billion. Masayoshi Son will be the chairman of the company.

President Donald Trump is hitting the ground running during his first full day back in the White House as he announces a $500 billion investment in AI Infrastructure project called Stargate.

President Trump and the CEOs of OpenAI, Softbank, and Oracle are expected to announce a new $500 billion AI initiative called "Stargate," CBS first reported. Sources tell CBS that the plan is to start with a $100 billion commitment and a Stargate data center in Texas,

Trump announces $500bn ‘Stargate’ venture to build up AI infrastructure United States President Donald Trump has announced a $500bn joint venture with Texas-based tech firm Oracle, Japan’s SoftBank and ChatGPT-maker OpenAI to advance artificial intelligence infrastructure.

The joint venture or alliance, called Stargate, "will invest $500 billion, at least, in AI infrastructure in the United States," Trump said.

OpenAI, Oracle and SoftBank are planning to develop a new joint venture called Stargate, which will develop artificial intelligence infrastructure in the US, President Donald Trump announced on Tuesday.