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Trump spokesperson Karoline Leavitt defended the Stargate AI infrastructure project, claiming it will create at least 100,000 jobs and attract up to $500 billion in investments. In contrast, Elon Musk questioned the project's funding, asserting that SoftBank has less than $10 billion secured. OpenAI CEO Sam Altman countered Musk's doubts, emphasizing the project's benefits for the country.
At the World Economic Forum, Barclays Europe CEO Francesco Ceccato emphasized the urgent need for substantial investment in AI infrastructure and energy, highlighting that no single entity can cover these costs alone. He pointed out the fragmented nature of European capital markets and the necessity for reform to support AI's growing energy demands, projected to reach 1,000 terawatts per hour by 2030. Ceccato also discussed the bank's commitment to sustainable finance, aiming for $1 trillion in sustainable and transition finance by 2030, while supporting clients in their energy transition efforts.
Elon Musk publicly criticized President Trump's $500 billion AI initiative, Stargate, questioning the financial backing from partners like SoftBank, OpenAI, and Oracle. Tensions escalated between Musk and OpenAI's CEO, Sam Altman, as they exchanged barbs over the project's implications and loyalty to Trump. The internal conflicts highlight the challenges of integrating tech leaders into the Trump administration, with concerns about Musk's competing interests in the AI sector.
Elon Musk criticized the Trump-backed $500 billion AI project, Stargate, claiming key investors like SoftBank lack sufficient funds. Musk's comments sparked a feud with OpenAI CEO Sam Altman, who defended the initiative, emphasizing its potential benefits for the U.S. economy. The project, which includes contributions from Oracle and Abu Dhabi's MGX, aims to establish a significant AI infrastructure in the U.S., starting with a data center in Texas.
President Trump announced a $500 billion AI project called Stargate, involving OpenAI, Oracle, and Softbank, with an initial commitment of $100 billion. Elon Musk questioned the financial backing of the involved companies, while Microsoft CEO Satya Nadella affirmed his commitment to invest $80 billion in AI infrastructure this year, emphasizing the ongoing partnership with OpenAI despite recent tensions.
Satya Nadella affirmed Microsoft’s commitment to invest $80 billion in AI infrastructure amid Elon Musk's skepticism about the Stargate Project's funding. While Musk claimed partners lack sufficient cash, Nadella emphasized Microsoft's ongoing collaboration with OpenAI and the importance of building practical AI solutions. Despite tensions, both companies maintain a strong partnership, with Microsoft holding exclusive rights to OpenAI's API on its Azure platform.
Elon Musk and OpenAI CEO Sam Altman are in a public dispute over the Stargate AI infrastructure project, which is backed by President Trump and involves a potential $500 billion investment. Musk questioned the project's funding, claiming SoftBank has less than $10 billion secured, while Altman invited him to visit the construction site in Texas, asserting the project is beneficial for the country. This clash is part of a broader rivalry stemming from Musk's earlier disputes with OpenAI regarding its shift to a for-profit model.
Sam Altman's AI venture, Stargate, announced in collaboration with SoftBank and Oracle, has faced criticism from Elon Musk, who questioned its financial backing. Despite Musk's skepticism, Altman extended an olive branch, inviting Musk to visit Stargate's infrastructure site while asserting that Musk's claims about funding were incorrect. Their ongoing feud highlights a complex relationship, rooted in their shared history at OpenAI and Musk's recent legal actions against the organization.
In Asian forex trading, the yen remained stable against the dollar ahead of the Bank of Japan's interest rate decision, while the dollar slightly rose against the yuan and Swiss franc. Oil prices dipped amid speculation of increased OPEC production, with North Sea Brent crude at $78.73 per barrel. US markets saw gains, with the Dow Jones up 0.3% and Netflix experiencing significant subscriber growth, boosting its shares nearly 10%. Concerns over Trump's tariff plans on Chinese imports weighed on the dollar, which faced headwinds as clarity on trade negotiations remained elusive.
Elon Musk has expressed skepticism about a $500 billion AI project announced by President Trump, claiming the main investors, including SoftBank, lack the necessary funds. The Stargate initiative, which aims to enhance AI infrastructure in the U.S., has already begun construction on a data center in Texas. OpenAI's CEO Sam Altman defended the project, emphasizing its potential benefits for the country.
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Trump's AI project faces skepticism from Musk and industry rivals
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