President Trump announces largest AI infrastructure project 'in history'

Trump touts joint venture between Softbank, OpenAI and Oracle worth $500 billion.

President Donald Trump unveiled a massive artificial intelligence (AI) infrastructure project from the private sector on the first full day of his second term in office on Tuesday.

During a speech at the White House, Trump announced that Softbank, OpenAI and Oracle have joined forces for a project called Stargate, to build data centers in the U.S. for powering AI.

The CEOs of all three tech firms – OpenAI's Sam Altman, Oracle's Larry Ellison, and Softbank's Masayoshi Son – joined Trump from the Roosevelt Room at the White House for the announcement.

The initial investment for the project will be $100 billion, with plans to expand to $500 billion over the next four years. The first data center built under the initiative will be in Texas, and it will eventually expand to other states.

Trump said it is "the largest AI infrastructure project, by far, in history."

Trump was working to drum up private business investments in the U.S. prior to his second term. Last month, Son joined Trump in announcing Softbank's plans for a $100 billion investment in America aimed at generating 100,000 new jobs.

A White House official told FOX Business that post-election, Trump has now secured $1 trillion in private investment for the U.S. in various projects.