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U.S. President Donald Trump is slated to deliver a message outlining his vision for America’s role in the development of artificial intelligence on July 23, according to Bloomberg.
Trump will deliver the address during an event called “Winning the AI Race,” which is being organized by David Sacks, Chair of the President’s Council of Advisors on Science and Technology, the report said, citing someone familiar with the event. Trump is also expected to sign an executive order on an AI action plan by the end of the month.
The president has highlighted the importance of increasing private investments in the AI sector and facilitating new energy production to handle the massive power demands of data centers. Trump has stressed the critical need for the U.S. to maintain its role as a leader in developing AI, especially over geopolitical rivals, such as China. He has also indicated the removal of regulatory hurdles to spur innovation and development.
Stocks related to AI development were on the rise during Tuesday market action, especially Nvidia (NASDAQ:NVDA), which now hopes to resume sales of its H20 GPUs to Chinese clients, citing U.S. government assurances that export licenses will be granted.
Advanced Micro Devices (NASDAQ:AMD) had spiked nearly 8%. CoreWeave (NASDAQ:CRWV), an AI hyperscaler, surged 8%. Oracle (NYSE:ORCL), a hyperscaler who is a key partner in the Stargate Project, edged up 1%.