On Tuesday afternoon, President Donald Trump held a press conference to announce Stargate, a $500 billion artificial intelligence (AI) infrastructure project in the United States. He called it the "largest AI infrastructure project, by far, in history."

Nvidia stock jumped Wednesday, extending gains from the prior day following Trump’s announcement of a massive, $500 billion AI infrastructure project called Stargate. The project will be funded by Oracle,

The venture involves OpenAI, Softbank, and Oracle, and starts with an investment of $100 billion. On the second day of his second presidency, Donald Trump announced the creation of a joint venture with OpenAI,

The $500 billion Stargate project will be critical to "maintain American leadership in AI," one of the partners said in a statement.

Several large technology firms including OpenAI, SoftBank, Oracle, Nvidia, and MGX have partnered to set up a new company in the US to ramp up AI infrastructure in the country. Named Project Stargate,

The Stargate project aims to secure American leadership in AI, protect US national security, and create hundreds of thousands of jobs.