President Donald Trump announced a significant investment of up to $500 billion in the United States' artificial intelligence infrastructure, spearheaded by OpenAI, SoftBank, and Oracle.

The newly formed joint venture, called Stargate, was unveiled during a White House briefing on Tuesday, attended by SoftBank CEO Masayoshi Son, OpenAI’s Sam Altman, and Oracle’s Larry Ellison.

Trump stressed the importance of advancing AI development within the U.S., pointing out the competitive global market, especially with China.

Executives from the trio of companies expressed their commitment to allocating the funds over the next four years, although specific details of the partnership were not disclosed immediately.

Ellison stated that ten data centers for the project are already being constructed in Texas, with plans for more facilities nationwide.

The venture is projected to generate over 100,000 jobs, with AI potentially having a major impact on healthcare by speeding up disease cures.

Other investors are anticipated to join the venture, though their identities remain unconfirmed.