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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

UBS Considers Cryptocurrency Trading for Private Banking Clients

chest

UBS is evaluating cryptocurrency trading options for private banking clients in Switzerland, with potential expansion to Asia-Pacific and US markets.

user avatarArif Mukhtar

UBS Significantly Boosts Bitcoin ETF Holdings

chest

UBS has significantly increased its Bitcoin ETF holdings, tripling its stake in BlackRock's iShares Bitcoin Trust to approximately 90 million shares.

user avatarLuis Flores

Alphabet Diversifies Stock Portfolio in Q2 2026

chest

Alphabet has updated its stock portfolio, now owning 28 stocks across various sectors to ensure long-term growth.

user avatarMaria Gutierrez

SpaceX Drops AMD in Favor of Nvidia for AI Projects

chest

SpaceX announced it will exclusively use Nvidia chips for AI projects, dropping AMD, during a quarterly earnings call on August 4, 2023.

user avatarDavid Robinson

Trump Asserts US Dominance Over Strait of Hormuz Amid Tensions

chest

US President Donald Trump claims total US control over the Strait of Hormuz amid tensions with Iran, despite a significant drop in maritime traffic.

user avatarAndrew Smith

Crypto Market Faces Layoffs and Shifts in Investment Trends

chest

The crypto market is currently facing significant layoffs, with firms like Coinbase and FalconX reducing their workforce. Retail investors are increasingly shifting their focus from cryptocurrencies to sports betting platforms and AI stocks.

user avatarZainab Kamara

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.