What comes to mind when you hear “Project Stargate?” 🤔🛸 UFO rides to an alternate universe? Flying at warp speed to another galaxy? We’ve heard Andromeda is nice this time of year! 👽
Hate to burst your bubble, but today’s Stargate project isn’t about aliens or far off galaxies. At least, not yet. There’s developments brewing in the Buckeye State and we’re on the case. 👇
Here’s Five Fast Facts on Foxconn, SoftBank, and Project Stargate:
- 🦊 One Foxy Factory - Earlier in August, electronics manufacturer Foxconn announced plans to manufacture data centre equipment with funding help from Japan-based investment company SoftBank. They’ll be using a former Ohio EV factory and it’s part of the nation’s Stargate project to boost AI efforts.
- 🏭 Plant Power - SoftBank bought the former EV plant in Lordstown and the game plan is for Foxconn to handle operations at the site as part of a joint venture. Foxconn previously reported that the factory and its machinery sold for $375 million, but didn’t name the buyer.
- 🤖 From EV to AI - In the past, Foxconn was all about car manufacturing. Today, it’s all-in on artificial intelligence, as demand for AI hardware has gone through the roof. Foxconn’s chairman reported that work on the new factory site began six months ago.
- 💸 Hey Now - Project Stargate is a team effort that includes SoftBank, Foxconn, OpenAI (creator of ChatGPT), and tech giant Oracle. The project was first announced by President Trump in January. It’ll require upwards of $500B and the goal of the project is to position the U.S. as the top AI player by 2029.
- 💫 You’re an All Star - Here’s the Stargate playbook: Softbank will take the lead on funding and future site deals. OpenAI will be the main user of the sites, plan out AI model training, and use the data centers. Oracle will manage all things cloud-related. Foxconn is responsible for assembling the servers and related hardware.
🔥Bottom line: OK, so Project Stargate won’t transport us to Planet X anytime soon. But hey, it just might make your ChatGPT propose to you! None for us, we like our spouses human. Looking for ways to make some money off these AI clankers? Head here to learn how to bring in more dough through ChatGPT.
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