On Tuesday, President Donald Trump hosted a high-profile event with several prominent tech executives to announce what he described as a landmark achievement of his administration: a $500 billion investment in artificial intelligence infrastructure.

The event, held at the White House, featured notable figures including OpenAI CEO Sam Altman, Oracle co-founder Larry Ellison, and SoftBank CEO Masayoshi Son.

Trump hailed the investment as potentially “the biggest of all,” referring to a plan to build data centers that will support advanced AI tools.

This announcement mirrors a similar press event Trump held with Son in 2016, during which he touted large investments in U.S. technology and infrastructure.

However, critics have pointed out that the results of those earlier investments were mixed, raising questions about the tangible outcomes of such projects.

The specific details of Tuesday’s announcement remain unclear. Some analysts are uncertain whether Trump’s statement introduces an entirely new initiative or simply expands on a previously announced project.

In March, The Information, a technology news outlet, reported on a $100 billion, multiyear data center project involving OpenAI and Microsoft.

Despite these questions, the event was framed as a significant achievement for Trump, with the CEOs in attendance publicly crediting him for facilitating the multibillion-dollar investment.

However, the announcement faced immediate criticism from one of Trump’s most prominent supporters, Elon Musk.

In a post on X (formerly Twitter), Musk questioned the validity of the investment, writing, “They don’t actually have the money.”

They don’t actually have the money

— Elon Musk (@elonmusk) January 22, 2025

He also claimed that SoftBank had “well under $10B secured” for the project, citing what he described as “good authority” but offering no evidence to substantiate his statements.

SoftBank has well under $10B secured. I have that on good authority.

— Elon Musk (@elonmusk) January 22, 2025

Musk’s comments sparked skepticism, as his ongoing rivalry with OpenAI and its CEO, Sam Altman, is well-documented.

A source familiar with the project told CNBC that Musk’s remarks were likely motivated by his personal grievances with Altman.

SoftBank declined to comment on Musk’s claims, while OpenAI and Oracle did not immediately respond to requests for comment.

Altman defended the project in a response to Musk, emphasizing its potential benefits to the United States.

“This is great for the country,” Altman wrote in a post.

He added, “I realize what is great for the country isn’t always what’s optimal for your companies, but in your new role, I hope you’ll mostly put [America] first.” Altman also acknowledged Musk’s influence in the tech world, stating, “I genuinely respect your accomplishments and think you are the most inspiring entrepreneur of our time.”

wrong, as you surely know.

want to come visit the first site already under way?

this is great for the country. i realize what is great for the country isn’t always what’s optimal for your companies, but in your new role i hope you’ll mostly put 🇺🇸 first.

— Sam Altman (@sama) January 22, 2025

As of now, Trump has not addressed Musk’s allegations publicly.

However, Musk’s criticism of the announcement, particularly from someone who has been a vocal supporter of Trump in the past, may complicate efforts to position the investment as a major victory for the administration.

The so-called Stargate Project, as OpenAI referred to it in its announcement, marks a significant push toward advancing AI infrastructure in the United States.

While the exact scope and funding details remain in question, the project highlights the growing focus on AI development as a critical component of national competitiveness in technology.

Whether this initiative will deliver on its ambitious goals or face setbacks remains to be seen.