How Will Donald Trump’s Stargate Project Impact the AI Crypto Market?

The post How Will Donald Trump’s Stargate Project Impact the AI Crypto Market? appeared first on Coinpedia Fintech News After taking office as President, one of the first things that Donald Trump did was remove a 2023 executive order released by Joe Biden to reduce the risks that AI poses to consumers, workers and national security. Many AI enthusiasts have termed the move as a turning point in the US’ journey to become a global leader in AI. Interestingly, at the time when the AI community is discussing the favourable environment created by the withdrawal of Biden’s EO on AI, OpenAI and SoftBank have jointly announced an ambitious AI infrastructure project, named Stargate. How does the project aim to reshape the US AI Infrastructure? And, how will this impact the AI crypto sector? Let’s examine! Stargate: Everything You Should Know Stargate, introduced by OpenAI and SoftBank, aims to strengthen the nation’s capability to train and run new AI models. According to reports, in the first stage, at least $100 billion will be invested. Reports also highlight that the total investment of the project may increase to as high as $500 billion in the next four years. Reports reveal that the first initiative of the project will be to build a data centre project in Abilene, Texas. Sources suggest that the Abilene data centre project has already begun. Trump Praises Stargate’s Impact US President Donald Trump has welcomed the announcement made by SoftBank and OpenAI, terming it as a ‘declaration of confidence in America.’ Explaining how this project will benefit the workforce of the US, he has mentioned the potential of the project to create at least 100,000 jobs in the near future. Stargate Leadership and Technology Partners As per reports, SoftBank chair Masayoshi Son will chair the project. Reports add that the financial responsibility of the project will be handled by SoftBank and the operational responsibility by OpenAI. Sources reveal that many conglomerates like Oracle, MicoSoft, Nvidia, Arm and MGX fund may join the project as its partners. Stargate’s Impact on AI Tokens The favorable developments that have occurred in the AI sector after Trump’s inauguration have positively impacted the AI token segment. In the last 24 hours alone, the AI token segment has seen a rise of 8.9%. Almost all the top ten AI tokens have experienced growth during the period. NEAR Protocol has surged by 5.9%, Internet Computer by 2.4%, Render by 8.4%, Bittensor by 10.8%, Artificial Superintelligence Alliance by 14.4%, Virtuals Protocols by 19%, The Graph by 4.5%, Arweave by 7.7%, and Akash Network by 9.0%. Importantly, the price of ai16z has witnessed a massive increase of 41,2% in the last 24 hours. Apart from that the share price of SoftBank Group Corp has climbed by 10.51% in the last 24 hours. In conclusion, the Stargate project represents a bold step toward making the US a global AI leader. Considering the impact the latest developments have made in the AI token segment, the project may benefit the overall crypto sector, particularly AI tokens, immensely in future.