Tuesday afternoon, President Donald Trump was joined by three CEOs of several tech companies to announce an investment of billions of dollars in the private sector to build artificial intelligence infrastructure in the U.S.
Three tech companies are planning to create a joint venture called Stargate. It includes OpenAI, Softbank, and Oracle. Executives from the companies are expected to say they plan to commit $100 billion. Then within the next four years, they'll be expected to invest up to $500 billion into Stargate.
This first came to light by an article done by CBS, which had sought out Trump before he made his announcement around 4 pm Tuesday.
During the announcement, Larry Ellison of Oracle stated they're building new data centers in Texas.
"The data centers are actually under construction," Ellison said. "Each building is half a million square feet. There are 10 buildings... currently being built, but that will expand to 20."
Trump said this will create more than 100,000 jobs. The project will initially begin as a data center project in Abilene, then expand in Texas before moving to other states.
"This monumental undertaking is a resounding declaration of confidence in America's potential," President Trump said. "It'll ensure the future of technology."
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