SoftBank Group Corp., OpenAI, and Oracle Corp. are forming a $100 billion joint venture to fund artificial intelligence infrastructure, an effort unveiled with President Donald Trump aimed at speeding development of the emerging technology.

President Trump unveiled the AI initiative on Tuesday alongside the executives of OpenAI, Oracle and Softbank.

Dubbed Stargate, the joint venture was poised to receive an initial cash injection of $100bn from the tech giants, rising to as much as $500bn over the next four years, according to two people familiar with the matter.