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.

President Trump on Tuesday announced a $500 joint venture with Oracle, OpenAI, and SoftBank to build AI infrastructure in the U.S.

Software stock Oracle (ORCL) is powering the Nasdaq today amid news of its joint venture with SoftBank and OpenAI

Oracle's stock surges 8.51% after Trump announces $500B AI initiative, solidifying its role as a key AI provider. CEO Ellison's stake also rises.

Oracle Corporation (NYSE:ORCL) shares are trading higher premarket on Wednesday. On Tuesday, the company disclosed new AI agents and generative AI features in Oracle Fusion Cloud Sales to enhance sales engagement and streamline processes.

Tesla Inc. CEO Elon Musk cast doubt Wednesday on the ambitious $500 billion Project Stargate, hours after its announcement, claiming lead investor SoftBank Group SFTBY -0.36% + Free Alerts SFTBF + Free Alerts has “well under $10B secured.”

Live Updates Make sure to refresh this page periodically for updates. Earnings to Watch Today 9:37 am Here are some earnings to watch this morning. We’ll provide updates on other market movers as the day progresses.

Day two of Donald Trump's second presidency culminated in an announcement that OpenAI, SoftBank Group and Oracle (NYSE: ORCL) will form a venture called Stargate and invest $500 billion in AI infrastructure across the United States, though how much of that was already long planned is anyone's guess.

SoftBank CEO Masayoshi Son's plan to invest billions in AI in the United States shows one way to handle the new Trump administration: go big and deal with the details later.

Seagate Technology Holdings Plc ( STX) is up more than +8% after reporting Q2 adjusted EPS of $2.03, better than the consensus of $1.87. Travelers Cos ( TRV) is up more than +4% to lead gainers in the Dow Jones Industrials after reporting Q4 core EPS of $9.15, well above the consensus of $6.59.

Get ready for Wednesday's trading day that will be colored by AI enthusiasm and big-tech earnings expectations.