OpenAI, Oracle and SoftBank are planning to develop a new joint venture called Stargate, which will develop artificial intelligence infrastructure in the US, President Donald Trump announced on Tuesday.
The three tech companies made an initial investment of $100 billion, which will increase to $500 billion over the next four years to help develop AI infrastructure. The joint venture will be based in Texas.
UAE-based technology fund MGX will also be an initial equity funder in the Stargate project, OpenAI said in a separate news release.
Mr Trump said the investment would help to develop “the physical and virtual infrastructure to power the next generation of advancements in AI”, portraying the investment as a measure of security to keep the US ahead of China in the advanced technology race.
“This monumental undertaking is a resounding declaration of confidence in America's potential under a new president,” he said.
He added that he would help to enable the project through executive orders because “we have to get this stuff built”.
“So they have to produce a lot of electricity, and we'll make it possible for them to get that production done very easily at their own plants," Mr Trump said.
He has made a few splashy investment announcements since he won the 2024 presidential election, including a pledge of at least $20 billion from Emirati billionaire and Damac founder Hussain Sajwani to develop data centres in the US.
SoftBank chief executive Masayoshi Son in December committed to investing $100 billion in the US over the next four years.
Those two investments were announced at Mr Trump's Mar-a-Lago estate in Florida before he was sworn into office. OpenAI chief executive Sam Altman, Oracle chief executive Larry Ellison and Mr Son appeared alongside Mr Trump at the White House.
“AI holds incredible promise for all of us, for every American,” Mr Ellison said, adding that 10 buildings were already under construction and this will soon expand to 20.
Mr Altman added: “I think this will be the most important project of this era.”
Investment in AI surged in the past two years, as the new technology has developed and companies have rushed to integrate the technology into their operations. The significant power and storage space required for AI has also increased the demand for data centres that can provide the right conditions for projects to run.
Oracle shares were up 7.20 per cent to $172.57 a share when trading closed on Tuesday. Stock in SoftBank jumped by 4.10 per cent to $30.73.
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
