Stargate: A New Joint Venture by OpenAI, SoftBank, and Oracle

user avatar

by Giorgi Kostiuk

2 years ago

OpenAI, SoftBank, and Oracle have joined forces to create a new joint venture called Stargate, with an initial investment of $100 billion.

Announcement of the Collaboration

During a White House briefing, the new US president announced the establishment of Stargate. The initial investment is set at $100 billion. Executives Masaesi Son, Sam Altman, and Larry Ellison were present at the event.

China is a competitor, others are competitors. We want it to be in this country and we're making it available.Donald Trump

Impact and Future Prospects

The project is expected to create over 100,000 jobs. Altman called it 'the most important project of this era.' Oracle CEO Larry Ellison described the program as exciting for Oracle. Oracle's shares rose by 7% following the announcement. Participants predict a positive impact on the healthcare sector.

I believe as this technology progresses, we will see diseases get cured at an unprecedented rate.Sam Altman

Context and Previous Initiatives

In December, Son pledged to invest $100 billion in AI infrastructure in the US. On his first day in office, Trump canceled Biden's 2023 executive order aimed at reducing AI risks, arguing that it hinders innovation. In April 2024, it was reported that Altman plans to form a global AI coalition.

The creation of Stargate reflects the intention of major tech companies to bolster their presence in artificial intelligence amidst political and economic challenges.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Payward to Acquire Saldo Bank for European Banking Expansion

Payward, the parent company of Kraken, plans to acquire Lithuania-based Saldo Bank to enhance its banking capabilities and integrate banking products with crypto services.

user avatarMaria Fernandez

Germany's Sparkassen Group Begins Cryptocurrency Trading Rollout

Germany's Sparkassen savings bank group is starting a phased rollout of cryptocurrency trading within its existing banking app, beginning on October 19, 2023.

user avatarGustavo Mendoza

CME Group to Launch Bitcoin Cash and Uniswap Futures on October 19

CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19, providing institutional traders with more cryptocurrency markets.

user avatarRajesh Kumar

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

user avatarArif Mukhtar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.