President Donald Trump announced the $500 billion Stargate Project in Texas to advance AI research, starting with a data center in Abilene.

Data center technology spending skyrocketed 34 percent in 2024, according to Synergy Research Group. It is soaring past a half a trillion dollars in the first month of 2025 as banks and technology vendors vie to build out massive AI compute.

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Such announcements aren’t without political risks, as OpenAI learned when Trump adviser Elon Musk criticized the deal on the social network he owns.

Tech giants are backing a massive effort, announced by President Trump and dubbed the Stargate Project, to add data centers across the U.S.

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SoftBank and OpenAI are backing a significant AI infrastructure project in the US, which includes major investments, new technology partnerships, and job creation.

The rapid development of AI systems over the past two years has stretched American infrastructure, with data centres emerging as a particular bottleneck. Cutting-edge chatbots such as OpenAI’s ChatGPT, Google’s Gemini and Anthropic’s Claude require enormous amounts of data and computing power to train and run.

Oracle's stock got a boost on Tuesday from reports about the Stargate initiative, and it closed up 7%. The formal announcement for the initiative - which featured Trump at the White House alongside OpenAI Chief Executive Sam Altman, Oracle co-founder Larry Ellison and SoftBank Group Chief Executive Masayoshi Son - came after the market's close.

The effort was described as a $500 billion investment in artificial intelligence. Read how a small Texas city with a population of about 130,000 fits into the plans.