OpenAI, Oracle and SoftBank formed a new joint venture called Stargate to invest in data centers, building on major U.S. investments in the technology.

U.S. President Donald Trump on Tuesday announced a private sector investment of up to $500 billion to fund infrastructure for artificial intelligence, aiming to outpace rival nations in the business-critical technology.

The president answered questions from the press after announcing a $500 billion initiative on artificial intelligence infrastructure with Big Tech executives.