A new company called Stargate, which combines some of the largest names in the artificial intelligence industry, was announced by President Donald Trump.

OpenAI, Oracle, and SoftBank formed Stargate, a new venture investing up to $500 billion in AI infrastructure in Texas. President Donald Trump talked up the partnership on Jan. 21, calling it ”a resounding declaration of confidence in America’s potential.

The announcement of Project Stargate by President Trump is likely to usher in an era of massive artificial intelligence investments in the U.S., analysts said. Read for more.

President Donald Trump is supporting the newly formed Stargate to advance AI as construction on the company's first data center gets underway in Abilene. Trump announced the new entity formed by OpenAI,

OpenAI CEO Sam Altman called Stargate, “the most important project for this era” and promised that all of the new investment his company was making would help cure diseases. Altman was actually prompted by Trump to talk about the medical advances that AI would supposedly figure out.

Company created to invest in US-based AI infrastructure for OpenAI is backed by SoftBank, OpenAI, Oracle, and MGX.

Trump said the private sector joint venture will build data centers and create more than 100,000 jobs in the United States.

Oracle chairman and chief technology officer Larry Ellison joins President Trump to discuss the U.S. Stargate investment.

The goal is to kickstart building more datacenters to expand computing capacity for current and future AI projects, including OpenAI's goal of "AGI," which the company defines as a highly autonomous AI system that "outperforms humans at most economically valuable work.

President Donald Trump announced a $500 billion investment in infrastructure tied to artificial intelligence, alongside the CEOs of OpenAI, Oracle and Softbank.