President Trump makes a major infrastructure announcement on his second day in office.
President Donald Trump unveiled a massive private-sector artificial intelligence (AI) infrastructure project during the first full day of his second term on Tuesday.
During the speech in The white houseTrump announced that Softbank, OpenAI and Oracle have joined forces for a project called Stargate, to build data centers in the US to power AI.
Then-President-elect Donald Trump speaks during a meeting with the House GOP caucus, Nov. 13, 2024, in Washington. (Allison Robbert/Pool via AP, File) (Allison Robbert/Pool via AP, File) / AP Newsroom)
The CEOs of all three tech companies – OpenAI’s Sam Altman, Oracle’s Larry Ellison and Softbank’s Masayoshi Son – joined Trump from the Roosevelt Room of the White House for the announcement.
The initial investment in the project will be $100 billion, with plans to expand it to $500 billion over the next four years. The first data center built as part of the initiative will be in Texas, and will eventually expand to other states.
Trump said it was “the largest artificial intelligence infrastructure project, by far, in history.”
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Before his second term, Trump worked to attract private business investment in the US. Last month, Son joined Trump in the announcement Softbank plans for an investment of 100 billion dollars in America with the aim of creating 100,000 new jobs.
A White House official told FOX Business that Trump has now secured $1 trillion in private investment for the US in various projects since the election.
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As a candidate in 2016, Trump promised to push a $1 trillion infrastructure bill through Congress. He often spoke about this topic as president during his first mandate from 2017 to 2021, but it did not bear fruit.
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His democratic successor, Joe Biden, signed a $1 trillion infrastructure bill in 2021 with Republican and Democratic lawmakers to fund thousands of road and bridge reconstruction projects and fund new climate resilience and broadband initiatives.
Then-President Joe Biden speaks during an event in the South Court Auditorium of the Eisenhower Executive Office Building at the White House on October 23, 2023 in Washington, DC. During the event, Biden talked about his administration’s “Bidenomics.” (Anna Moneymaker/Getty Images/Getty Images)
A second Trump administration and a new Congress will have a chance to put their stamp on the infrastructure bill that Biden passed. Agency officials will be able to allocate tens of billions of dollars in remaining competitive scholarships, the Brookings Institution blogged in November.
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Meanwhile, Trump has signed dozens of executive orders since taking the oath of office on Monday, advancing his administration’s goals on issues ranging from illegal immigration to withdrawing from the World Health Organization.
FOX Business’s Edward Lawrence, Fox News Digital’s Paul Steinhauser and Reuters contributed to this report.
