Tech Stocks Rise After Trump Announces AI Infrastructure Investment

Shares of AI-related tech companies are trading higher Wednesday after U.S. President Donald Trump announced a $500 billion AI infrastructure investment called Project Stargate.

What To Know: Trump on Tuesday announced that OpenAI, SoftBank and Oracle Corp (NYSE:ORCL) are planning a joint venture that will result in more data centers being built, creating more than 100,000 jobs in the United States, per Reuters.

Project Stargate and its backers have committed $100 billion for immediate investment, with up to $400 billion in additional investments expected to take place over the next four years.

OpenAI’s Sam Altman, SoftBank’s Masayoshi Son and Oracle’s Larry Ellison stood alongside Trump at the White House for the launch announcement on Tuesday.

Ellison noted that twenty data centers are expected to be built under Stargate, the first of which is already under construction in Texas.

Several AI-related names got a lift on the news. Oracle shares were up 10%, while shares of Microsoft Corp (NASDAQ:MSFT), which maintains an investment in OpenAI, were up about 1.7% at last check.

Other big movers on Wednesday include NVIDIA Corp (NASDAQ:NVDA), Arm Holdings Plc (NASDAQ:ARM) and Dell Technologies Inc (NYSE:DELL). Nvidia shares were up about 3% at the time of writing, while Arm Holdings shares were up about 6.5% and Dell shares were up approximately 5%.

Check This Out: Elon Musk Says Project Stargate Doesn’t ‘Actually Have The Money’ After Trump Announces $500 Billion AI Investment Led By SoftBank, Oracle And OpenAI

Photo: courtesy of U.S. Department of Energy.