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Why did Musk pour cold water on Trump's "Interstellar Gateway"?
Author: Teresa Poletti
Investors should remember that large investment projects involving political interests may undergo significant changes in the future.
On Tuesday (January 21st), US President Trump announced the 'Stargate' project funded by OpenAI, Oracle, and SoftBank Group, which promises to invest at least $500 billion in the field of artificial intelligence in the United States.
Shortly after the announcement of the 'Gate to the Stars' project, Tesla CEO Musk questioned on social media X whether the main investor, SoftBank, could provide the promised funding.
Musk wrote, "They don't actually have that much money, I have reliable sources of information."
OpenAI, Oracle, and the UAE AI investment company MGX are among the other early investors in the 'Stargate', with Dion Hinchcliffe, Vice President of Research for Futurum Research responsible for studying enterprise CIO behavior, believing that there are other investors hoping to join, but it is expected that only the most financially powerful companies such as Blackstone Group will have the ability to join.
Politicians like to boast about big numbers when promising to increase investment and create more job opportunities, but related projects do not always develop as they claim. This is another major reason why investors are skeptical of the huge investment numbers for the "Stargate".
Trump should be no stranger to this. In his first term, Foxconn pledged to invest $10 billion to build a factory in Wisconsin as part of Trump's plan to revitalize American manufacturing. However, Foxconn eventually significantly reduced the investment amount. According to Reuters in 2021, Foxconn chose to invest only $672 million and reduce the number of new job positions to 1454, which is far from the initial promise of 13,000 in 2017. According to Wisconsin Public Radio, Foxconn currently employs over 1,000 employees responsible for building data servers.
During the tenure of former US President Biden, the 'American Chips Act' he introduced also approved an investment of $280 billion to build new semiconductor factories in the US. However, some of the highly anticipated new factories associated with this plan have encountered issues such as construction delays, labor shortages, and regulatory concerns.
"Stargate" claims that its infrastructure will create "hundreds of thousands of job opportunities", however, Larry Ellison, co-founder and CTO of Oracle, often boasts about Oracle's automated database, the automation capabilities of its cloud computing services, and the low labor costs during earnings conference calls with Wall Street analysts. Therefore, if the goal of the "Stargate" project is to build data centers, most of the promised jobs will disappear after the factories are built. In addition, if the improvement of artificial intelligence does bring a large number of job opportunities, these companies overlook the issue of job opportunities disappearing in other industries.
The development of ChatGPT by OpenAI may be the biggest beneficiary, as the company can use the data center built by Oracle to train more data and achieve the long-term goal of Sam Altman's AGI (Artificial General Intelligence), when artificial intelligence will reach or exceed human intelligence, without any doubt.
At the same time, Musk owns a company in the field of artificial intelligence called xAI, which may be the reason why he launched an attack on Stargate and 'fought' with Ultraman, while having a close relationship with Trump, as he and Ultraman have always had different opinions on the development direction of OpenAI.
Ultraman replied to Musk's post, calling his statement "wrong," and invited Musk to visit the first data center under construction. At the same time, Ultraman also referred to Musk as "the most inspiring entrepreneur of our time."
Investors should question what the supporters of "Gate.io" claim that the project will benefit the United States through "reindustrialization of the United States", what does this mean exactly. Establishing 10 large data centers in Texas to train large language models, and then running these models, seems to benefit OpenAI and its hardware and software suppliers, rather than other areas of the US industry.
"Gate.io" announced the project, and the companies providing hardware and software saw their stock prices rise on Wednesday (January 22), especially Nvidia, Oracle, ARM, and major investor SoftBank. However, investors should not forget that large investment projects involving political interests may undergo significant changes in the future.
Therefore, although Musk has made many questionable remarks in the past—such as his commitments to self-driving taxis and autonomous driving capabilities—this time, his questioning of competitors is justified.