Jan. 21 (UPI) -- President Donald Trump announced Tuesday a joint venture called Stargate, which will pump billions of dollars in private funding into artificial intelligence infrastructure in the United States.
Oracle, Softbank and OpenAI said they plan to spend approximately $500 billion over the next four years on the venture.
Together these world leading technology giants are announcing the formation of Stargate," Trump announced in his first full day as president during a White House briefing. "A new American company that will invest $500 billion at least."
Largest AI project in the US
Larry Ellison, Oracle executive chairman, told reporters at the White House on Tuesday that 10 data centers for the project were already under construction in Texas.
"AI holds incredible promise for all of us, for every American," Ellison said, as he called it a "very exciting program for Oracle to be a part of."
Massive investment for AI advancement
SoftBank chief executive officer Masayoshi Son revealed the three companies signed their agreement after Trump's inauguration Monday "to make this happen."
"We will immediately start deploying $100 billion with a goal of making $500 billion within the next four years," Son said.
Revolutionizing healthcare with AI
Open AI CEO Sam Altman said he is "thrilled we get to do this in the United States of America."
"I believe as this technology progresses, we will see diseases get cured at an unprecedented rate. We will be amazed at how quickly we're curing cancer and heart disease and what this will do for the ability to deliver very high quality health care," Altman said.
Creating American jobs and economic growth
Trump said he has spoken with other companies that have expressed interest in investing in Stargate, and said the venture could create "over 100,000 American jobs almost immediately."
"This is money that would have normally gone to China," Trump said. "What we want to do is we want to keep it in this country."
