Oracle founder Larry Ellison said the Stargate project, a joint venture with OpenAI and Softbank, will help to fuel the development of a cancer vaccine.

Tesla Inc. CEO Elon Musk cast doubt Wednesday on the ambitious $500 billion Project Stargate, hours after its announcement, claiming lead investor SoftBank Group SFTBY -0.36% + Free Alerts SFTBF + Free Alerts has “well under $10B secured.”

Shares of Nvidia, Microsoft, Oracle, and other AI-related companies surged Wednesday after the Trump administration’s announcement of a $500 billion joint venture spurred optimism about a rising tide of AI investments.

Oracle stock jumped 6% on a report that Trump plans to announce billions of dollars in private sector investment to build artificial intelligence infrastructure in the US.

Tesla (TSLA) and SpaceX CEO Elon Musk said OpenAI, Oracle (ORCL) and Softbank (SFTBY) “don’t actually have the money” to back up their pledge

Oracle stock took off as President Trump announced the Stargate AI infrastructure project. Read why I maintain my buy rating for ORCL stock.

OpenAI and Japanese conglomerate SoftBank will each commit $19 billion to fund Stargate, a joint venture to develop data centers for artificial intelligence in the U.S., the Information reported on Wednesday.

GoFundMe, the crowdfunding website where people can quickly raise money to help others, has generated more than $100 million for those impacted by the Los Angeles wildfires. The sum, pledged in the wake of the fires that erupted on Jan.

President Donald Trump is expected to announce a new investment push for artificial intelligence led by Softbank Group Corp., OpenAI LLC, and Oracle Corp., with the three companies preparing to announce a joint venture worth billions of dollars.

We may now know roughly how much money SoftBank and OpenAI are contributing toward Stargate, OpenAI's massive data center project.

Masayoshi Son founded SoftBank in 1981. It has invested millions in some of Silicon Valley's biggest tech companies.