According to leaked media reports [CBS HERE] President Trump is going to unveil a private sector launch of $500 billion to create data processing centers for a national Artificial Intelligence (AI) network. The network will be known as “Stargate.”

SoftBank Chief Executive Officer Masayoshi Son, OpenAI head Sam Altman and Oracle co-founder Larry Ellison are expected to be at the White House for the announcement.

The initial launch will consist of $100 billion for the first Stargate (AI processing center) in Texas. Other projects in other states will come online in the future.

CBS – President Trump is set to announce billions of dollars in private sector investment to build artificial intelligence infrastructure in the United States, CBS News has learned.

OpenAI, Softbank and Oracle are planning a joint venture called Stargate, according to multiple people familiar with the deal.

SoftBank CEO Masayoshi Son is expected at the White House Tuesday afternoon, along with Sam Altman of OpenAI and Larry Ellison of Oracle.

Executives from the companies are expected to say they plan to commit $100 billion initially and pour up to $500 billion into Stargate over the next four years. Other details of the new partnership were not immediately available. (read more)