RNC Chairman Michael Whatley discusses big tech investments in AI on President Trump’s first day in office on The Evening Edit.
The return of the president Donald Trump at the White House raised hopes for an increase in investment in the US economy, with several notable agreements already announced on the day of the inauguration and from his second mandate.
The day after Trump began his second term, Trump was joined by OpenAI CEO Sam Altman, Oracle Executive Chairman and CTO Larry Ellison and Softbank CEO Masayoshi Son to announce a collaborative project known as and Stargate which will focus on development. artificial intelligence (AI) infrastructure. Stargate will be financed with an initial tranche of $100 billion, which could increase to a total of $500 billion over the course of the project.
Earlier this month, DAMAC – an investment and property development company based in Dubai, United Arab Emirates – announced an investment of at least $20 billion in data centers in the U.S. DAMAC founder and chairman , Hussain Sajwani, said the company had been “waiting for years”. to increase its investments in the United States and added that it will expand its investment beyond that level if market opportunities allow.
Last month, the Son of Softbank held a press conference with Trump where they revealed a $100 billion investment in the United States that aims to create 100,000 jobs in AI and other emerging industries.
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President Donald Trump speaks in the Roosevelt Room of the White House on January 21, 2025, as Oracle CEO Larry Ellison looks on. (JIM WATSON/AFP via Getty Images/Getty Images)
During the announcement at Mar-a-Lago, Trump jokingly asked if Son would be willing to “make $200 billion.” Son paused and replied, “I’ll try to make it happen,” prompting Trump to say, “Okay, 200,” and left Son laughing as he called Trump “a great negotiator.”
The influx of investments in the technological sector it comes amid the rapid growth of AI and other emerging technologies that will help shape the world economy in the decades ahead.
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Oracle executive and CTO Larry Ellison speaks during a news conference with President Donald Trump on January 21, 2025 in Washington, DC. (Andrew Harnik/Getty Images) / Getty Images)
That momentum has supported pro-growth policies as the US Chamber of Commerce, the nation’s largest trade group, seeks to capitalize on regulatory reforms to attract more investment.
“It’s great to see companies looking to make strategic investments in the United States. We look forward to working with the administration to reduce regulatory burdens to spur more investment,” said Jordan Crenshaw, senior vice president of the Chamber of Commerce’s Business Center. of the United States. (CTEC), told FOX Business.
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U.S. President-elect Donald Trump makes remarks next to SoftBank Chairman and CEO Masayoshi Son at Mar-a-Lago in Palm Beach, Florida on Monday, December 16. (Reuters/Brian Snyder/Reuters)
Jason DeLorenzo, market strategist and founder of the Volland options trading platform, told FOX Business in an interview that publicly announced deals with the visible presence of technology leaders such as Google CEO Sundar Pichai , the CEO of Meta. Mark Zuckerberg and Amazon founder Jeff Bezos at Trump’s inauguration show the contrast with Trump’s first term.
“I think Trump himself said, in my first term, everybody was fighting me, and now in my second term everybody wants to be friends with me,” DeLorenzo said. “All of a sudden, people are trying to align with Trump instead of fighting him.”
“I think that countries and companies recognize that Trump has exploited a feeling in America that is now the feeling of the majority. And to survive, I think that many of these companies and foreign sovereigns pay more attention to him.” he explained.
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DeLorenzo noted that with new deals focused on AI and emerging technologies, as well as tech leaders seeking to build closer relationships with Trump than during his first term, he hopes similar ones will precede. investment announcements also in other sectors of the economy.
“I just hope that Trump takes a holistic view of the economy when he’s trying to get these investments in America and not just on the technology side,” he said.
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2025-01-23 16:00:00
