U.S. President Donald Trump on Tuesday announced a private sector investment of up to $500 billion to fund infrastructure for artificial intelligence, aiming to outpace rival nations in the business-critical technology.

President Donald Trump talked up a joint venture investing up to $500 billion for infrastructure tied to AI by a new partnership formed by OpenAI, Oracle and SoftBank.

On Tuesday, OpenAI, SoftBank, Oracle, and MGX announced plans to form Stargate, a new company that will invest $500 billion in AI computing infrastructure across the United States over four years. The announcement came during a White House meeting with President Donald Trump, who called it the "largest AI infrastructure project in history."

Tech billionaire Elon Musk voiced doubts about President Trump’s newly announced infrastructure plan for artificial intelligence, claiming the technology companies behind the effort do not yet have the $500 billion promised for the project.

President Donald Trump announced Tuesday a joint venture called Stargate, which will pump billions of dollars of private funding into artificial intelligence infrastructure in the United States.

Open AI CEO Sam Altman, Oracle co-founder Larry Ellison and Softbank CEO Masayoshi Son appeared alongside President Donald Trump to announce the Stargate plan.