President Donald Trump On Tuesday, on the first full day of his second term as president, he unveiled a massive artificial intelligence (AI) infrastructure project from the private sector.
during a speech in the white houseTrump announced that Softbank, OpenAI and Oracle have joined forces for a project called Stargate to create data centers in the United States to power artificial intelligence.
President-elect Donald Trump speaks during a meeting with the House Republican Conference, Nov. 13, 2024, in Washington. (Allison Robert/Pool via AP, File) (Allison Robert/Pool via AP, File)/AP Newsroom)
The CEOs of all three tech companies — OpenAI's Sam Altman, Oracle's Larry Ellison and SoftBank's Masayoshi Son — joined Trump from the Roosevelt Room of the White House to make the announcement.
The initial investment for this project will be 100 billion dollars and it is planned to expand it to 500 billion dollars in the next four years. The first data center built under the initiative will be in Texas and will eventually expand to other states.
Trump said it was the largest AI infrastructure project, by far, in history.
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Before his second term, Trump was trying to attract private business investment in the United States. Last month, Son joined Trump in the announcement Softbank programs To invest $100 billion in America with the goal of creating 100,000 new jobs.
A White House official told FOX Business that since the election, Trump has now secured a trillion dollars 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. As president, he often talked about this issue during his first term from 2017 to 2021, but it did not come to fruition.
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His Democratic successor, joe biden Signed a $1 trillion infrastructure bill in 2021 with Republican and Democratic lawmakers to fund thousands of projects to rebuild roads and bridges and new climate resilience and broadband initiatives.
Incumbent President Joe Biden speaks during a ceremony in the South Courtroom of the Eisenhower Executive Office Building at the White House on October 23, 2023 in Washington, DC. During the event, Biden talked about how his administration is “Bidenomics.” (Anna Moneymaker/Getty Images/Getty Images)
Trump's second administration and the new Congress will have opportunities to put their stamp on Biden's approved infrastructure law. Agency officials will be able Tens of billions of dollars in prize money The Brookings Institution said in a blog post in November that grants remain competitive.
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Meanwhile, since being sworn in on Monday, Trump has signed dozens of executive orders 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.