The president of Argentina, Javier Milei, received OpenAI executives this Friday following the announcement of a $25 billion investment project in a data center that the company seeks to develop in the country together with the energy company Sur Energy.
The project, called Stargate Argentina, aims to create a “large-scale Data Center capable of hosting the next generation of AI computing and reaching a capacity of up to 500 MW,” the Argentine Government stated in a statement.
Milei shared on his social networks a photo in which he appears accompanied by Demian Reidel – president of Nucleoeléctrica Argentina, a state company that controls local nuclear energy – and OpenAI executives Christopher Lehane, Benjamin Schwartz, Nicolas Andrade, Ivy Lau-Schindewolf and Mohammed Husain.
“The project will involve an investment of up to 25 billion dollars on a large scale, which positions it as one of the largest energy technology and infrastructure initiatives in the history of Argentina,” states the communication released by the Argentine Executive.
According to local media, Sur Energy is a company dedicated to the development of renewable energies with foreign capital that has among its founders the Argentine Emiliano Kargieman, creator of the microsatellite company Satellogic.
This Friday, the owner of the technology company behind ChatGPT, Sam Altman, made public statements in which he supported the project: «This milestone goes beyond infrastructure. “It is about putting artificial intelligence in the hands of people throughout Argentina.”
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“The regulatory framework and geopolitical alignment make Argentina the appropriate scenario,” added Altman, referring to the Large Investment Incentive Regime (RIGI), which the Argentine president managed to approve by decree and grants great tax advantages to new foreign investments.
In addition, the CEO of OpenAI supported Milei’s alignment with US President Donald Trump, who in recent days ordered significant economic support from the Treasury to Argentine coffers, amid a spiraling of exchange rate instability in the country due to the lack of dollar reserves and the possibility of an adverse result in the national legislative elections on October 26.
Milei will visit Trump in Washington next Tuesday, and the Argentine Minister of Economy, Luis Caputo, held meetings in recent days with Scott Bessent, Secretary of the Treasury, as a result of which progress was announced in a project for the United States Government to support that of Argentina with a currency swap for 20,000 million dollars.
Bessent said in recent days that the US Executive “was ready to act in any way necessary to help Argentina meet its debt obligations and clean up its dollar reserves.”
Bessent’s message also came after seven consecutive days of intervention by the Argentine Treasury in the exchange market to not let the price of the US dollar escape, pushing its dollar reserves to the limit.
With information from EFE.
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