AI Sector Surges as Trump Announces $500B Investment
President Donald Trump has unveiled a $500 billion investment initiative to bolster artificial intelligence (AI) infrastructure in the US. The joint venture, dubbed "Stargate," involves key players such as Oracle (ORCL), OpenAI, and SoftBank.
Stargate aims to kick off with a data center project in Texas. Oracle's stock has soared over 8% since the announcement.
Trump claims the initiative will generate "over 100,000 American jobs almost immediately." Additionally, he reversed a Biden-era executive order on AI safety guidelines.
Tech giants witnessed a cozy relationship with Trump at his inauguration, including executives from Amazon, Meta, and Apple. Other day one actions included an energy emergency declaration and immigration focus.
Alexandra Canal, Senior Reporter at Yahoo Finance, is tracking the latest AI developments and their impact on the stock market.