Elon Musk is already casting doubt on OpenAI’s new, up to $500 billion investment deal with SoftBank (SFTBY) and Oracle (ORCL), despite backing from his allies — including President Donald Trump.

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,

SoftBank Group shares jumped after the company and ChatGPT-maker OpenAI announced plans to invest up to half a trillion dollars in artificial-intelligence infrastructure in the U.S. Shares rose 8.8% to 10,060 yen, or equivalent to $64.69, on Wednesday in Tokyo, after climbing as much as 9.2% earlier, to their highest level since July.

Project Stargate, an AI infrastructure project announced Tuesday by the Trump administration that will invest $500B in U.S. infrastructure over

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Trump was joined by Oracle founder Larry Ellison, OpenAI CEO Sam Altman, and SoftBank CEO Masayoshi Son, who said the investment would start with $100 billion, plus a goal of $500 billion over the course of four years.

SoftBank, OpenAI, and Oracle are launching a $500 billion joint venture named Stargate to fund AI infrastructure in the U.S. The initiative, praised by President Trump, aims to deploy $100 billion immediately for projects like data centers and cancer research.

Arm Holdings Plc. (ARM), and chipmaking companies like Taiwan Semiconductor Manufacturing Co. (TSM), Micron Technology Inc. (MU), and Intel Corp. (INTC) surged in pre-market trade on Wednesday after President Donald Trump announced the ‘Stargate Project’ worth $500 billion.

Netflix stock soars after strong subscriber gains, Oracle teams with OpenAI and SoftBank in a $500 billion AI infrastructure partnership, and Johnson & Johnson falls after mixed guidance.

The president said it will be the largest AI infrastructure ever built and that it will help counter technology threats from China and other countries.

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,