Three major business leaders — SoftBank Group CEO Masayoshi Son, OpenAI CEO Sam Altman and Oracle Corp. Chairman Larry Ellison — joined President Donald Trump on Tuesday afternoon at the White House to announce the creation of a new company called Stargate.

Texas-based Stargate would invest up to $500 billion over the next four years in AI infrastructure. The initial investment is expected to be $100 billion and could reach five times that sum, according to The Associated Press.

Son, a billionaire based in Japan, had already pledged in December to invest $100 billion in U.S. projects over the next four years. The head of SoftBank had previously committed to $50 billion in new investments before Trump’s first term, which included a substantial stake in the troubled office-sharing company WeWork.

While Trump has highlighted such announcements to demonstrate that his presidency is boosting the economy, there were already high expectations for a significant expansion of data centers and power plants essential for AI development. AI has the potential to enhance productivity by automating tasks but also poses the risk of job displacement if not implemented carefully.

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