Shares of US-based technology company Oracle surged as much as 6.5% in late-afternoon trading following a CBS News report indicating that President Donald Trump plans to announce billions of dollars in private sector investment to expand America's artificial intelligence infrastructure. 

Sources say OpenAI, Softbank, and Oracle will be part of the joint venture called "Stargate." The heads of the tech firms plan to invest $100 billion, then up to $500 billion over four years, in building AI infrastructure across the US.

SoftBank CEO Masayoshi Son, Sam Altman of OpenAI, and Larry Ellison of Oracle will be in the White House on Tuesday afternoon. There were no further details about the Stargate JV, except with the understanding that more information will be unveiled later. 

According to sources, Stargate will begin with a massive data center in Texas, with additional AI projects planned across other states. Other investors are expected to join the venture.

News of Stargate sent Oracle shares up 6.5% in late afternoon trading. 

About a year ago, The Information reported that Microsoft and OpenAI were planning to invest $100 billion in data centers known as Stargate. The report also highlighted how OpenAI sourced cloud infrastructure from Oracle. It's unclear if this effort was tied to the current Stargate JV. 

Also, it remains unclear if Masayoshi Son's plan for SoftBank Group to invest $100 billion in projects in the US over the next four years is part of the effort. 

Trump stated last month after a meeting with Son that investments in building AI infrastructure would create 100,000 jobs.

*Developing...