Trump was joined by SoftBank Group Corp.’s Masayoshi Son, OpenAI’s Sam Altman and Oracle Corp.’s Larry Ellison at the White House to announce the venture, dubbed Stargate, which they said would deploy $100 billion immediately with the goal of eventually spending $500 billion for the construction of data centers and physical campuses.

Shares in artificial intelligence data-center companies fell Thursday—the president’s $500 billion spending drive might raise more questions than answers.

Tesla Inc. CEO Elon Musk cast doubt Wednesday on the ambitious $500 billion Project Stargate, hours after its announcement, claiming lead investor SoftBank Group SFTBY -0.36% + Free Alerts SFTBF + Free Alerts has “well under $10B secured.”

OpenAI and Japanese conglomerate SoftBank will each commit $19 billion to fund a joint venture to develop data centers for artificial intelligence in the U.S., the Information reported on Wednesday, citing OpenAI CEO Sam Altman speaking to colleagues.

SoftBank Group Corp. (TYO:9984) and OpenAI have each pledged $19 billion to Stargate, a groundbreaking technology initiative focused on AI data centers, The Information reports. OpenAI and SoftBank will each hold a

Mr. Trump had claimed the A.I. announcement as an early trophy, taking credit for the companies’ decision to spend up to $500 billion building data centers.

The author and editors take ultimate responsibility for the content. SoftBank Group (SFTBF 8.38%) is a Japanese holding company that focuses on investment management. The company was formerly a ...

Elon Musk raises concerns about the Trump-backed $500 billion Stargate AI Project, questioning SoftBank's ability to fund the initiative.

Trump scraps Biden executive orders on technology and artificial intelligence, but has brought Silicon Valley leaders into his close orbit.

Elon Musk asked a judge to block OpenAI's attempt to transition from nonprofit to for-profit. It's not the first time he's feuded with CEO Sam Altman.

Stocks are approaching records in the first couple of days of Trump's presidency, with more pronounced moves in specific corners of the market this week.