SoftBank Group, OpenAI and Oracle have announced that they are forming a $500 billion joint venture to fund artificial intelligence infrastructure in the United States with a new joint venture called 'Stargate', Report informs via the Mint.

The announcement was made by OpenAI CEO Sam Altman, SoftBank CEO Masayoshi Son and Oracle Chairman Larry Ellison in the presence of President Trump, who called it the "largest AI infrastructure project in history."

“These world-leading technology giants are announcing the formation of Stargate… So put that name down in your books, because I think you’re going to hear a lot about it in the future — a new American company that will invest $500 billion at least in AI infrastructure in the United States.” President Trump said after the announcement.

Son said new joint venture will deploy $100 billion ‘immediately’ and the goal is to increase it to $500 billion in AI projects like data centres and physical campuses. Meanwhile, companies like Microsoft and Nvidia are also expected to participated in this initiative, Bloomberg reported.

All 3 leaders praises Trump for his role in formulating the initiative, Altman said, “I think this will be the most important project of this era… We wouldn’t be able to do this without you, Mr. President.”

“We will see diseases get cured at an unprecedented rate. We will be amazed at how quickly we’re curing this cancer and that one — and heart disease,” Altman added.

“One of the most exciting things we're working on, using the tools that Sam and Masa are providing, is a cancer vaccine.Using AI you can do early cancer detection with a blood test and once we gene sequence that cancer tumor, you can then vaccinate the person, design a vaccine for every individual person to vaccinate them against that cancer. You can make that mRNA vaccine robotically using AI in about 48 hours." Ellison added on the topic.