Oracle (ORCL) stock jumped 7% on Tuesday after a report said the company is set to be part of a $500 billion investment in artificial intelligence infrastructure that President Trump will announce on Tuesday.
CBS News reported Tuesday Trump is set to announce new private sector investment to build AI infrastructure in the US, with Oracle, ChatGPT creator OpenAI, and Japanese conglomerate SoftBank (9984.T) among those committed to the joint venture.
The joint venture, called Stargate, is expected to start with a data center project in Texas, CBS reported, and company executives are expected to commit to an initial investment of $100 billion when they appear at the White House on Tuesday. It is expected that other companies will join the project and bring investment in the program to $500 billion in the coming years.
SoftBank CEO Masayoshi Son, OpenAI chief Sam Altman, and Oracle CEO Larry Ellison are expected to attend Tuesday’s event.
On Monday, Trump signed a wave of executive orders, which included rescinding the Biden era Executive order Which developed safety guidelines for generative artificial intelligence. It would have required large language forms to share safety test results with the US government and tasked federal agencies with evaluating potential risks.
Big Tech executives, including Amazon’s Jeff Bezos, Meta’s Mark Zuckerberg and Apple’s Tim Cook, were in attendance at the president’s inauguration on Monday as the industry warmed to Trump in the wake of his November election victory.
Other actions included on the first day of the President Call a national energy emergencyas well as a strong focus on immigration. More action is expected later this week, including more clarity on Trump’s upcoming tariff plans.
Alexandra Canal He is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, linkedin, And email it to alexandra.canal@yahoofinance.com.
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