One of the Trump White House’s first big announcements aligned itself with the artificial intelligence boom.

In a splashy announcement on his second day in office, President Trump told Americans that a new $500 billion project — backed by SoftBank (SFTBY), Oracle (ORCL), and OpenAI — would generate “ over 100,000 American jobs almost immediately.”

The project created a company called Stargate, which said in Tuesday’s announcement it would “begin deploying $100 billion immediately” starting with data centers in Texas and spend an additional $400 billion over the next four years.

Trump called the project, “a resounding declaration of confidence in America’s potential under a new president.”

Microsoft (MSFT), AI chip giant Nvidia (NVDA), and British chip designer Arm (ARM) were named as “key initial technology partners” by Stargate. The stocks of all companies involved soared, with Oracle and Nvidia rising 7% and 4%, respectively, the day after the announcement.