(Bloomberg) – President Donald Trump is expected to announce new investment in artificial intelligence led by Softbank Group Corp., OpenAI LLC, and Oracle Corp. With the three companies preparing to announce a multibillion-dollar joint venture.
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Trump will be joined by Softbank’s Masayoshi Son, OpenAI’s Sam Altman and Oracle’s Larry Ellison to announce an initial $ 100 billion investment that could reach $ 500 billion over the next four years – at Tuesday afternoon, according to White House officials.
Oracle shares rose about 6% on this news. The company’s stock has risen about 56% in the past year. Softbank US Deposit Receipts up 5%
Trump is signaling a comprehensive approach to securing U.S. leadership in emerging technologies. Two weeks before taking office, he announced a $ 20 billion investment from Dubai-based billionaire Hussain Sajwani for a new data center across the United States. On Monday, shortly after taking the oath of office, he dismantled the AI shield put by Joe Biden and signed a series of measures to boost US energy development in response to rising energy demand. From the data center.
The announcement was first reported by CBS News. The company did not immediately respond to a request for comment.
It is unclear whether the initiative, dubbed the “Stargate”, is an addition or part of the $ 100 billion that Son promised SoftBank alone would invest during the event with Trump at Mar-‘s real estate. his a-Lago last month.
At the time, Son said Softbank’s efforts would create 100,000 jobs focusing on artificial intelligence and related infrastructure, including investments in data centers, electronics and energy.
“I really want to congratulate President Trump on his great victory, and my confidence in the US economy has grown significantly with his victory,” Son said at the time.
Despite the public promises, there are immediate questions about where SoftBank will get the capital to fund its initiative. The company had 3.8 trillion yen ($ 25 billion) in cash and equivalents on its balance sheet at the end of September. However, the company’s finances have recovered with the initial public offering of chip design firm Arm Holdings Plc.
Trump has been heading to Silicon Valley since winning his second term, with top executives Elon Musk, Mark Zuckerberg, Jeff Bezos, Tim Cook and Sundar Pichai joining him at the US Capitol on Monday. His inauguration.
Altman of OpenAI has spent months trying to establish a global alliance among government and industry leaders to support boosting the supply of power chips and data center capabilities to support AI development. The company also put the Biden administration on demand for large, data-intensive data centers like the entire city.
SoftBank previously invested in OpenAI’s latest fundraiser. Sarah Friar, OpenAI chief financial officer, told Bloomberg News last month that it was drawn to SoftBank because the company had “access to capital” and was prepared to invest that money, including “in areas such as Power and data centers ”.
Cloud infrastructure providers such as Microsoft Corp., Amazon.com Inc., and Oracle have been competing to expand computing capabilities by building new data centers. Oracle has already committed billions to build a new data center – the company is expected to double its capital expenditures this fiscal year to more than $ 14 billion, largely due to the project. These.
(Updates with context sharing start in the third paragraph)
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