President Donald Trump on Tuesday announced a new $500 billion, private sector investment to build artificial intelligence infrastructure in the US, with Oracle (ORCL), ChatGPT creator OpenAI, and Japanese conglomerate SoftBank (9984.T) among those committing to the joint venture.

The joint venture, called Stargate, is expected to begin with a data center project in Texas, according to CBS News, which first reported the news. Company execs were expected to commit to an initial investment of $100 billion at an appearance at the White House Tuesday. Other companies are expected to join the venture and bring investment in the program up to $500 billion in the coming years.

Oracle (ORCL) stock jumped 7% on Tuesday and continued its ascent in after-hours trading, rising over 3%.

Source: FINANCE.YAHOO