Nancy Prial, senior portfolio manager at Essex Investments, gives her take on how the next Trump administration will affect markets and the future of AI in 'The Claman Countdown'.
President-elect Trump announced Tuesday that a United Arab Emirates-based company will invest $20 billion to build data centers in several Midwest and Sun Belt states.
Trump spoke to the press at his Mar-a-Lago resort in Florida, where he was joined by Hossain Sajwani, founder and chairman of Dubai-based investment and property development firm DAMAC.
“I'm thrilled to announce today that DAMAC will be investing at least $20 billion in the U.S. in a very short period of time, and they could double or even more than double that amount. That's a great thing,” Trump said.
The first phase of the project will be in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana, Trump said.
“We have been waiting for many years to increase our investment in the US to a much larger amount,” Sajwani said. “For the past four years, we have been waiting for this moment, and we plan to invest 20 billion dollars, and even more, if market opportunities allow us.”
“Right now, we're planning $20 billion in datacenters for AI and cloud businesses for hyperscalers,” he added.
This is a developing story. Please check back for updates.