Trump announces 500bn 'Stargate' venture to build up AI infrastructure

United States President Donald Trump has announced a 500bn joint venture with Texas-based tech firm Oracle, Japan's SoftBank and ChatGPT-maker OpenAI to advance artificial intelligence infrastructure. Trump made the announcement at a White House event on Tuesday that was joined by Softbank CEO Masayoshi Son, OpenAI CEO Sam Altman, and Oracle Chief Technology Officer Larry Ellison. Trump said the venture would be the largest AI infrastructure project in history "by far" and represented "a resounding declaration of confidence in America's potential" under his new administration. As you know, there's great competition for AI and other things and they are coming in at the highest level," Trump said. Shares of Tokyo-based Softbank Group soared more than 8 percent on Wednesday following the announcement.