Even so, Mr Ellison remains the world’s fifth-richest man, and Oracle the third-biggest software firm. He has a thing or two to teach fellow tech titans, in particular his friend Elon Musk, about staying power.

Masayoshi Son of SoftBank, Sam Altman of OpenAI and Larry Ellison of Oracle joined Trump for the $500 billion announcement.

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President Donald Trump on Tuesday talked up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a

President Donald Trump announced the $500 billion Stargate Project in Texas to advance AI research, starting with a data center in Abilene.

SoftBank is reportedly in talks to invest as much as $25 billion into OpenAI in a deal that would make it the artificial intelligence firm’s largest backer.

This follows the announcement of Stargate, a $500 billion initiative by SoftBank, OpenAI, and Oracle aimed at keeping the U.S. ahead in the global AI race.

Davos | San Francisco | SoftBank is in talks to invest as much as $US25 billion ($40 billion) into OpenAI, in a deal which would make it the ChatGPT maker’s biggest financial backer, as the pair partner on a massive new artificial intelligence infrastructure project.

The American markets were spooked by the DeepSeek AI storm on Monday, January 27. While Dow Jones closed in green with minor gains, the tech-heavy Nasdaq closed with colossal losses of 612.47 points,

Trump called the joint venture - known as Stargate - "a new American company that will invest $500 billion at least in AI infrastructure in the United States," promising that it will create more than 100,000 jobs. He made clear that the initiative is aimed at thwarting China and its AI efforts.

US tech giants are in panic mode as Chinese AI lab DeepSeek's latest model surpasses OpenAI’s ChatGPT on Apple’s US App Store. President Donald Trump and tech leaders announced the $500 billion 'Stargate' initiative to bolster US AI dominance by creating 100,

Earlier this month, Bloomberg reported that China was considering a TikTok sale to Elon Musk, the world's richest man and a close ally of President Trump, who already owns the social media platform X.