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.

The S&P 500 was down 1.6% in morning trading. Big Tech stocks took some of the heaviest losses, with Nvidia down 11.2%, and they dragged the Nasdaq composite down 2.7%. The Dow Jones Industrial Average, which has less of an emphasis on tech, was holding up better with a dip of 123 points, or 0.3%, as of 9:50 a.m. Eastern time.

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The $500 billion Stargate Initiative — led by Trump, OpenAI, SoftBank, and Oracle — is set to revolutionize U.S. AI infrastructure.

OpenAI, SoftBank Group, Abu Dhabi, and Oracle are among the players in a joint venture meant to pour hundreds of billions more into AI data center funding.

In international markets, chipmaking and electrification companies saw pressure on the fears over the DeepSeek AI service. SoftBank -- the company that said it would fund up to $500 billion in AI infrastructure as well as the main shareholder of microchip designer ARM -- saw its stock dive 8%.

Stargate is a private $500 billion artificial intelligence (AI) infrastructure project that has begun building massive data centers in the United States. Stargate is a joint venture between OpenAI, SoftBank Group,

President Donald Trump talked up a joint venture investing up to $500 billion for infrastructure tied to AI by a new partnership formed by OpenAI, Oracle and SoftBank.

By Sinéad Carew, Amanda Cooper and Ankur Banerjee LONDON/SINGAPORE (Reuters) - Investors made a quick exit from a host of technology stocks from Tokyo to New York on Monday as the emergence of a low-cost Chinese artificial intelligence model challenged the dominance of current AI leaders such as Nvidia .

DeepSeek, the Chinese artificial-intelligence chatbot, has shocked Silicon Valley with its cost-effective approach—and rattled global tech investors. Shares in Japan’s [SoftBank Group](

About 875 acres in Abilene, or roughly the size of New York’s Central Park, have been set aside to construct data centers, according to city documents seen

Chinese startup DeepSeek has shaken the belief that only a few firms with huge budgets can compete in the artificial intelligence field — potentially challenging an investment case that rewarded the biggest players with rich valuations.