Trump Unveils Investments To Power AI Boom
Trump made the announcement at the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University, with much of the talk about beating China in the global AI race.
"Today's commitments are ensuring that the future is going to be designed, built and made right here in Pennsylvania and right here in Pittsburgh, and I have to say, right here in the United States of America," Trump said at the event.
The tech world has fully embraced generative AI as the next wave of technology, but fears are growing that its massive electricity needs cannot be met by current infrastructure, particularly in the United States.
Generative AI requires enormous computing power, mainly to run the energy-hungry processors from Nvidia, the California-based company that has become the world's most valuable company by market capitalization.
Officials expect that by 2028, tech companies will need as much as five gigawatts of power for AI -- enough electricity to power roughly five million homes.
Top executives from Palantir, Anthropic, Exxon and Chevron attended the event.
The funding will cover new data centers, power generation, grid infrastructure, AI training, and apprenticeship programs.
Among investments, Google committed $25 billion to build AI-ready data centers in Pennsylvania and surrounding regions.
"We support President Trump's clear and urgent direction that our nation invest in AI... so that America can continue to lead in AI," said Ruth Porat, Google's president and chief investment officer.
The search engine giant also announced a partnership with Brookfield Asset Management to modernize two hydropower facilities in Pennsylvania, representing 670 MW of capacity on the regional grid.
Investment group Blackstone pledged more than $25 billion to fund new data centers and energy infrastructure.
US Senator David McCormick, from Pennsylvania, said the investments "are of enormous consequence to Pennsylvania, but they are also crucial to the future of the nation."
His comments reflect the growing sentiment in Washington that the United States must not lose ground to China in the race to develop AI.
"We are way ahead of China and the plants are starting up, the construction is starting up," Trump said.
The US president launched the "Stargate" project in January, aimed at investing up to $500 billion in US AI infrastructure -- primarily in response to growing competition with China.
Japanese tech investor SoftBank, ChatGPT-maker OpenAI, and Oracle are investing $100 billion in the initial phase.
Trump has also reversed many policies adopted by the previous Biden administration that imposed checks on developing powerful AI algorithms and limits on exports of advanced technology to certain allied countries.
He is expected to outline his own blueprint for AI advancement later this month. Top executives from Palantir, Anthropic, Exxon and Chevron attended the event AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Int'l Business Times
25 minutes ago
- Int'l Business Times
Trump Slams 'Stupid' Republicans As Epstein Row Grows
US President Donald Trump blasted "foolish" Republican supporters Wednesday as he went on the attack against anyone questioning his administration's handling of the case of dead sex criminal Jeffrey Epstein. After days of struggling to brush off what he now claims is a Democratic hoax, Trump took his most combative tone yet to try and shut down the issue. "It's all been a big hoax, it's perpetrated by the Democrats. And some stupid Republicans and foolish Republicans fall into the net and so they try and do the Democrats' work," Trump told reporters when asked about Epstein. But Trump is facing the most serious split in his loyal right-wing base since he returned to power, over claims that his administration is covering up lurid details of disgraced financier Epstein's crimes to protect rich and powerful figures. Epstein died by suicide in a New York prison in 2019 -- during Trump's first term -- after being charged with sex trafficking in a scheme where he allegedly groomed young and underage women for abuse by the rich and powerful. The Trump-supporting far-right has long latched on to the scandal, claiming the existence of a secret list of Epstein's powerful clients and that the late financier was in fact murdered in his cell. Trump supporters expected the Republican to answer their questions on his return to office this January but now find themselves being told the conspiracy theories are false. Trump, 79, began on Wednesday by dismissing what he called "my PAST supporters" in a post on his Truth Social network. He said they had "bought into this 'bullshit' hook, line and sinker." He doubled down when he faced repeated questions on the issue in the Oval Office during a visit with Bahrain's visiting crown prince, pinning the blame for the wild conspiracy theories on his opponents. He then sought to deflect, rattling off what he said were a list of his economic and foreign policy achievements and complaining that people were instead "talking about a guy who obviously had some very serious problems who died three, four years ago." "And the sad part, it is people that are really doing the Democrats work. They're stupid people." Asked if his post describing supporters who questioned the White House's line as "past" was effectively disowning them, Trump replied: "No but I lost a lot of faith in certain people." Trump -- who was one of the many currently famous people who were formerly friends with Epstein, but denies having gone to his notorious US Virgin Islands home -- said ahead of his election he would have "no problem" releasing files on the case. But the Justice Department and FBI said in a memo made public earlier this month there is no evidence that the disgraced financier kept a "client list" or was blackmailing powerful figures. They also dismissed the claim that Epstein was murdered in jail, confirming his death by suicide, and said they would not be releasing any more information on the probe. However, reports that nearly three minutes had been cut from prison security camera footage released in an effort to prove the absence of foul play only triggered new speculation. Beyond angering supporters, the issue has opened a schism within his administration, sparking a fiery blow-up between Attorney General Pam Bondi and Deputy FBI Director Dan Bongino, who is said to be considering resigning. Trump on Wednesday reiterated that Bondi could release "whatever's credible" in the files. Disgraced late US financier Jeffrey Epstein -- shown with his former associate Ghislaine Maxwell -- is the object of powerful conspiracy theories in President Donald Trump's political movement AFP
Int'l Business Times
27 minutes ago
- Int'l Business Times
Newsom Calls Out MAGA Influencer for 'Falling in Line' With Trump's Epstein Narrative in 'Genius' TikTok
California Gov. Gavin Newsom called out a MAGA influencer for seemingly agreeing with President Donald Trump's push to stop talking about the files on sex offender Jeffrey Epstein in a slideshow of images on TikTok. In a viral TikTok that has since amassed more than 1 million views, Newsom posted a screenshot of him quote tweeting Turning Point USA founder and CEO Charlie Kirk on X. The governor simply wrote "Retweet" in response to a tweet by Kirk from 2019 calling for Trump to launch an investigation into Epstein's alleged crimes. "[Retweet] if you believe @realdonaltrump should order a FULL INVESTIGATION into Epstein's illegal sexual trafficking from the last 30 years and get answers!" Kirk wrote at the time. Newsom included the retweet of Kirk's post along with a photo of Trump and Epstein together placed in a popular meme template of Nickelback lead singer Chad Kroeger holding a picture frame as the band's song "Photograph" plays in the background. The post led to laughter online, as users applauded the governor for using the pro-Trump influencer's words against him. "Gavin keeping his foot on their neck," one user joked. Another wrote, "The level of pettiness is what we all aspire to have." "Charlie Kirk is already falling in line though, say he is going to 'trust the government,'" one user jabbed at the influencer. One simply added, "Genius," while another wrote, "Gavin, you are a legend." During a Monday episode of Kirk's podcast, "The Charlie Kirk Show," the influencer declared that after all of his coverage of the drama surrounding the Department of Justice and FBI's memo declaring that Epstein killed himself and had "no client list," he was "done talking about Epstein." "Plenty was said this last weekend at our event about Epstein," Kirk said . "Honestly, I'm done talking about Epstein for the time being. I'm gonna trust my friends in the administration, I'm gonna trust my friends in the government to do what needs to be done [and] solve it. Ball's in their hands." Following backlash and news coverage of his quote, Kirk returned the following day to walk back those words. He clarified that he never meant that he wanted to "move on" from Epstein, only that he wanted to "focus on other stories" during Monday's episode. Kirk also responded to Newsom's call out by blasting the governor on a list of hot topics he thinks Newsom should "apologize" for, including "failing to cooperate with ICE" and "bankrupting his state by providing free healthcare to illegals." Originally published on Latin Times
Int'l Business Times
an hour ago
- Int'l Business Times
Trump Says Not Firing Fed Chair -- But Not Ruling Out
US President Donald Trump said Wednesday that he was not currently planning to fire Federal Reserve Chair Jerome Powell, but added that he did not rule it out. Trump's mixed messaging, after months of escalating attacks on the independent central bank chief, sent the yield on the 30-year US Treasury bond surging above five percent. Asked about whether he would eject Powell, Trump said he is "doing a lousy job but no, I'm not talking about that." "I don't rule out anything, but I think it's highly unlikely," he added. Trump noted that he would in any case be able to make a change at the top of the Fed when Powell's term ends next year. "We'll pick somebody that's good," Trump said. "We want to see lower interest rates." Powell's term at the helm of the US central bank does not conclude until May 2026, and his term as a Fed governor is up at a later date. The Fed chair has said that he did not plan to step down early, and considers the central bank's independence over monetary policy to be a matter of law. A Supreme Court order recently suggested that Fed officials cannot be taken out of their jobs over policy disagreements, meaning they have to be removed "for cause," which could be interpreted to mean wrongdoing. The US leader has repeatedly lashed out at Powell for not lowering interest rates more quickly, calling the central banker a "numbskull" and "moron" recently. Late Tuesday, Trump suggested that a $2.5 billion renovation plan at the Fed could be sufficient cause to force Powell out. Asked by a reporter if the spending was a fireable offense, Trump said: "I think it sort of is." The US leader on Wednesday floated the possibility of "fraud" involved with the renovation, but provided no details substantiating the allegation. The president has received political backing from his party for firing the Fed chair, US media reported Wednesday, noting that he told a room of Republican lawmakers that he would do so. A White House official told CNBC: "They expressed approval for firing him. The president indicated he likely will soon." The New York Times reported that Trump showed off a draft letter to oust Powell at his meeting with about a dozen House Republicans late Tuesday, although the president said Wednesday that he only "talked about the concept" of removing Powell instead. Trump added Wednesday that many people want the top job at the Fed, saying: "I think it's one of the easiest jobs in government, you show up once a month and you make a statement about where the economy is going, and we're going to raise or lower interest rates." Financial markets took a hit after reports about Trump's plans, although they recouped some losses after his later remarks. The dollar initially fell by one percent against the euro before regaining ground, while safe haven asset gold logged gains. Wall Street's main indexes stumbled, while the yield on the 30-year US bond surged on market worries. The Dow Jones Industrial Average was flat while the broad-based S&P 500 Index and tech-focused Nasdaq both lost 0.1 percent.
