Shares of Oracle (ORCL) rose as much as 6% after a report said the company will be part of a $500 billion investment in artificial intelligence infrastructure to be announced by President Trump on Tuesday.
CBS News reported Tuesday that Trump will announce new private sector investment to build artificial intelligence infrastructure in the US, with Oracle, ChatGPT creator OpenAI, and Japanese conglomerate SoftBank (9984.T) among those will commit to the joint venture.
The joint venture, called Stargate, is expected to begin with a data center project in Texas, CBS reported, and company executives are expected to commit to an initial $100 billion investment in an appearance at the White House on Tuesday. Other companies are expected to join the initiative and increase investment in the program to up to $500 billion in the coming years.
SoftBank CEO Masayoshi Son, OpenAI head Sam Altman and Oracle CEO Larry Ellison are expected to attend Tuesday’s event.
On Monday, Trump signed a wave of executive orders, including rescinding a Biden-era executive order that established safety guidelines for generative AI. The order required large language models to share security test results with the US government and tasked federal agencies with assessing potential risks.
Big Tech executives, including Amazon’s Jeff Bezos, Meta’s Mark Zuckerberg and Apple’s Tim Cook, attended the president’s inauguration on Monday as the industry warmed to Trump following his victory in the November election.
Other actions by the president on the first day included invoking a national energy emergency, as well as a strong focus on immigration. More action is expected later this week, including greater clarity on Trump’s long-awaited tariff plans.
Alejandra Canal He is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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