Elon Musk is already casting doubt on OpenAI’s new, up to $500 billion investment deal with SoftBank (SFTBY) and Oracle (ORCL), despite backing from his allies — including President Donald Trump.

The Trump Administration has announced an AI infrastructure joint venture in the U.S. named “Stargate,” comprised of OpenAI, SoftBank Group (OTC:SFTBF) (OTC:SFTBY), Oracle Corp (NYSE:ORCL), and Abu Dhabi’s MGX.

Shares of Nvidia, Microsoft, Oracle, and other AI-related companies surged Wednesday after the Trump administration’s announcement of a $500 billion joint venture spurred optimism about a rising tide of AI investments.

Microsoft on Tuesday said it has changed some key terms of a deal with OpenAI after the ChatGPT creator announced a joint venture with Oracle and Japan's SoftBank Group to build up to $500 billion of new AI data centers in the United States.

Oracle's shares jumped nearly 9% before the bell on Wednesday after U.S. President Donald Trump said the company would make a large investment in artificial intelligence infrastructure, alongside OpenAI and SoftBank .

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Larry Ellison unveiled plans for an AI-driven cancer vaccine system that could deliver personalized treatments within 48 hours.

OpenAI has announced that it's teaming up with Softbank and Oracle on $100 billion data center project in the U.S.

GoFundMe, the crowdfunding website where people can quickly raise money to help others, has generated more than $100 million for those impacted by the Los Angeles wildfires. The sum, pledged in the wake of the fires that erupted on Jan.

On Tuesday, U.S. President Donald Trump announced that OpenAI, SoftBank Group and Oracle (ORCL.N) will unveil Stargate and invest $500 billion over the next four years to help the United States stay ahead of China and other rivals in the global AI race.

Also, Oracle is up more than +6%, adding to Tuesday's +6% jump, as the company teams up with Softbank Group and Open AI to form a $100 billion joint venture to fund artificial intelligence infrastructure.