SoftBank Group Corp., OpenAI, and Oracle Corp. are forming a $100 billion joint venture to fund artificial intelligence infrastructure, an effort unveiled with President Donald Trump aimed at speeding development of the emerging technology.

U.S. President Donald Trump announced Stargate, a $500 billion AI infrastructure project that's expected to provide 100,000 jobs and boost the American economy, but Elon Musk believes the three companies leading the project don't have the funds.

The president said it will be the largest AI infrastructure ever built and that it will help counter technology threats from China and other countries.