OpenAI, SoftBank, and Oracle Launch $100 Billion AI Joint Venture
OpenAI, owners of ChatGPT; SoftBank, a Japanese multinational investment holding company; and Oracle, an American multinational computer technology corporation, have formed a $100 billion joint venture called Stargate to build infrastructure that will power Artificial Intelligence (AI).
The venture was announced by Donald Trump on Tuesday. The former President, who signed a flurry of executive orders hours after his inauguration on Monday, described the venture as a crucial investment in America’s technological future.
“This monumental undertaking is a resounding declaration of confidence in America’s potential,” Trump said at the White House.
Also Read: Renowned Nigerian Investment Banker Adebayo Ogunlesi Appointed to OpenAI’s Board of Directors
Trump, who revoked Joe Biden’s regulations that imposed strict standards on safety and other requirements for government use of AI, said his administration would make advancements in AI “as easy as it can be.”
Sam Altman, CEO of OpenAI; Masayoshi Son, CEO of SoftBank; and Larry Ellison, the founder of Oracle, were all present at the White House during the announcement.
The three companies are expected to invest as much as $500 billion before Trump leaves office in 2029—a sum that will be used to build data centers designed to power AI tools like ChatGPT.
