“I think this will be the most important project of this era,” said OpenAI’s chief executive, Sam Altman.

“We wouldn’t be able to do this without you, Mr President,” he added, crediting Trump despite work on the project already being under way.

The plan, which involves the construction of AI infrastructure such as data centres, is expected to create more than 100,000 jobs, according to Trump.

Oracle’s chief technology office, Larry Ellison, said the first data centres are under construction in Texas and more will be built in other locations.

The Information, a technology news website, first reported on the project in March last year.

OpenAI said the announcement of the new company, which also includes UAE-backed investor MGX, was the culmination of more than a year’s worth of conversations.

Other partners in the project include tech giants Microsoft, Arm and NVIDIA, according to statements by Softbank and OpenAI.