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

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by Giorgi Kostiuk

a year 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.

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