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OpenAI CEO Sam Altman, SoftBank CEO Masayoshi Son, and Oracle Chairman Larry Ellison joined President Trump at the White House Tuesday evening to unveil a $100 billion joint venture called "Stargate"—set to increase to $500 billion over four years—aimed at boosting private sector investments in AI infrastructure.
BREAKING: President Trump announced the creation of the new major American AI company, 'Stargate,' which will invest $500 billion into the country and potentially create 100,000 new American jobs immediately. pic.twitter.com/HXy0NSJa9Y
— Libs of TikTok (@libsoftiktok) January 21, 2025
In the markets, Oracle shares have jumped 13.5% so far this week, with the most gains occurring in the past two sessions. Shares of SoftBank in Tokyo surged 10% overnight, while Arm Holdings, Microsoft, and Nvidia in New York moved higher. The announcement of "Stargate" drove gains across AI tech firms and companies involved in data centers to power grids.