Elon Musk has cast doubt on the first major tech investment announcement made by Trump.

During a White House press conference US President Donald Trump announced the $500bn Stargate AI infrastructure project.

Stargate is a joint venture between major tech companies OpenAI, SoftBank and Oracle to create the infrastructure and computing capacity needed to power AI projects over the next four years. The CEOs of the three companies stood alongside Trump as he made the announcement. Trump called it the “largest AI infrastructure project in history” and a “resounding declaration of confidence in America’s potential under a new president”.

One of the executive orders targeted by Trump on his first day in office was to revoke a 2023 executive order signed by Joe Biden designed to reduce the potential risk that AI posed to consumers, workers and national security. Trump had previously promised policies that would “support AI development rooted in free speech and human flourishing” during his presidential...