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

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."

As news trickled out about President Trump’s announcement of a new $500 billion Stargate joint venture focused on artificial-intelligence infrastructure, some potential beneficiaries emerged. Companies such as Oracle Corp.

The past few years have been undeniably profitable for Nvidia ( NVDA 4.43%) investors. The stock price has surged more than sevenfold over the past two years, and today, it topped the charts as the world's most valuable company in terms of market cap. The stock was up as much as 4.7% Wednesday morning. At 12:32 p.m. ET, the stock was still up 4.1%.

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,

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

SoftBank Group Corp. (TYO:9984) and OpenAI have each pledged $19 billion to Stargate, a groundbreaking technology initiative focused on AI data centers, The Information reports. OpenAI and SoftBank will each hold a

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The joint venture or alliance, called Stargate, "will invest $500 billion, at least, in AI infrastructure in the United States," Trump said.

President Trump is reportedly planning to announce major AI infrastructure investments, signaling a willingness to work alongside large technology companies.