The joint venture, called Stargate, plans to invest $500 billion to help the United States stay ahead of China and other rivals in the global AI race, Trump said at the White House on Tuesday.

Elon Musk, the close Trump adviser who has his own AI company and was notably not at the press conference, mocked the effort relentlessly online. “They don’t actually have the money,” he posted on X.

Oracle's stock surges 8.51% after Trump announces $500B AI initiative, solidifying its role as a key AI provider. CEO Ellison's stake also rises.

Stargate 1 project is a massive $500 billion AI infrastructure initiative in collaboration with tech giants like OpenAI, Oracle and Microsoft. The groundbreaking project aims to create the largest AI supercomputer, dubbed "Stargate," which is set to be launched by 2028.

Stargate, a joint venture between Open AI, Oracle, and SoftBank, will invest $500 billion in building AI infrastructure across the U.S.