SoftBank Group Corp., OpenAI, and Oracle Corp. are forming a $100 billion joint venture to fund artificial intelligence infrastructure, an effort unveiled with President Donald Trump aimed at speeding development of the emerging technology.

SoftBank, OpenAI, and Oracle are launching a $100 billion joint venture to enhance AI infrastructure, with plans to escalate investment to $500 billion. The initiative, supported by President Donald Trump,

Donald Trump and three top tech firms announced on Tuesday that they would create a new company called Stargate to grow artificial intelligence infrastructure in the U.S. The President also said the three companies will collaborate and invest $500 billion in the AI infrastructure project.

President Donald Trump on Tuesday announced that three leading companies would make a large investment in artificial intelligence infrastructure.

The Stargate project, announced at the White House, involves an initial investment of $100bn, with plans to increase this to $500bn over the next four years.