President Donald Trump unveiled a massive private-sector artificial intelligence (AI) infrastructure project Tuesday on the first full day of his second term.
During a speech at the White House, Trump announced that Softbank, OpenAI and Oracle had joined forces for a project called Stargate, aimed at building data centers in the United States to power AI.
Then-President-elect Donald Trump speaks during a meeting with the House GOP conference, November 13, 2024, in Washington. (Allison Robbert/Pool via AP, File) (Allison Robbert/Pool via AP, File) / AP Newsroom)
The CEOs of the three tech companies — Sam Altman of OpenAI, Larry Ellison of Oracle and Masayoshi Son of Softbank — joined Trump from the Roosevelt Room of the White House for the announcement.
The initial investment for the project will be $100 billion, with plans to reach $500 billion over the next four years. The first data center built under this initiative will be in Texas and will eventually expand to other states.
Trump said it was “by far the largest AI infrastructure project in history.”
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Trump was working to attract private investment in the United States before his second term. Last month, Son joined Trump to announce Softbank’s plans for a $100 billion investment in America aimed at generating 100,000 new jobs.
A White House official told FOX Business that after the election, Trump has now secured $1 trillion in private investment for the United States in various projects.
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As a candidate in 2016, Trump promised to push a $1 trillion infrastructure bill through Congress. He raised the subject often as president during his first term from 2017 to 2021, but it came to nothing.
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His Democratic successor, Joe Biden, signed a $1 trillion 2021 infrastructure bill with Republican and Democratic lawmakers to fund thousands of road and bridge reconstruction projects and fund new climate resilience and broadband initiatives.
Then-President Joe Biden speaks during an event at the South Court Auditorium in the Eisenhower Executive Office Building of the White House October 23, 2023 in Washington, DC. During the event, Biden explained how his administration’s “bidenomics” (Anna Moneymaker/Getty Images/Getty Images)
The second Trump administration and the new Congress will have the opportunity to put their stamp on the infrastructure law passed by Biden. Agency officials will be able to allocate tens of billions of dollars in the remaining competitive grants, the Brookings Institution said in a blog post in November.
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Meanwhile, Trump has signed dozens of executive orders since he was sworn in on Monday, advancing his administration’s goals on issues ranging from illegal immigration to withdrawing from the World Health Organization.
FOX Business Edward Lawrence, Paul Steinhauser of Fox News Digital and Reuters contributed to this report.
