Oracle, Nvidia and other Big Tech stocks jump as Trump rolls out Stargate AI initiative

Will the new presidential administration play nice with large technology companies?

For now, it looks like there are some warm feelings — as President Donald Trump on Tuesday announced a major investment in artificial-intelligence infrastructure that calls for OpenAI, SoftBank Group Corp. 9984 SFTBY and Oracle Corp. ORCL to create a joint venture named Stargate that will focus on data centers and other infrastructure projects.

Trump described Stargate as “a new American company that will invest $500 billion at least in AI infrastructure in the United States,” promising that it’ll create more than 100,000 American jobs.