Since returning to the White House, US President Donald Trump has promoted the announcement of corporate and foreign US investment as evidence that it is leading the “golden age of America.”
On January 21, Trump said the US has “already secured nearly $3 trillion in new investments” before finishing the “first business day” of the second term.
On April 2, he said, “It looks like there’s about $6 trillion investment.” Six days later, Trump told attendees at the National Republican Congressional Committee’s dinner that the total investment has now been revised to around $7 (trillions).
During News Nation Town Hall on April 30, Trump speculated that it could “have more than $8 trillion.”
On May 4, Trump told Kristen Welker, host of the NBC News program, “I think there’s nearly $9 trillion in investments in this country,” Trump told Meet The Press.
On May 6, Trump told reporters, “I think the real number could be $9 or $10 trillion.”
Finally, on May 8th, Trump said, “We’re at nearly $10 trillion right now, and with that in mind, we’re thinking about $10 trillion.” “We’re essentially talking about two months.”
That’s far beyond the numbers the White House has made public.
We’ve tallied the White House investment list. Corporate investments cost $2.1 trillion, or up to $5.1 trillion, including investments promised from other countries. Experts warned that the promised corporate investments were not guaranteed to be fully realized during Trump’s presidency, and that some of them would have occurred no matter who was president.
Trump is not the first to exaggerate his new investment in the watch. Retiring President Joe Biden said in 2024 that his bipartisan chips and scientific law raised $640 billion in private investment. The economist told Politifact that Biden’s numbers are based on what the companies have announced, but this is not the same as the dollars they have already spent.
Roman v Jan Polsky, a professor at the University of Louisville and an artificial intelligence expert, controls the investments of the promises Trump quoted.
The White House list doesn’t match Trump’s words
Since Trump took office, the White House has released investment announcements from three countries and around 60 companies on its website, including a “non-comprehensive running list.” Many of the announcements for the highest dollar companies were in March and April.
The company’s announcement on the White House list is US investment worth around $2.1 trillion in total.
The White House cites its commitment from the United Arab Emirates to invest $1.4 trillion over the next decade. Japan will “increase” investment in the US to $1 trillion. And he will invest $600 million from Saudi Arabia and President Trump in the United States. Combined with the company’s announcement, these will total around $5.1 trillion shortfalls, a $4.9 trillion shortfall on Trump’s figures.
However, you need to be careful about the $5.1 trillion total. For example, the White House said “Japan has announced a $1 trillion investment in the United States,” but the article it linked to said in 2023 that Japan’s US investment was $78.33 billion, and that Japan would “help” it to $1 trillion. This is an increase of $216.7 billion, not a new $1 trillion investment. This brings the total newly pledged US investment to approximately $4.3 trillion.
Trump’s second White House tally of US investment
White House numbers are not easy to use for comparing apples and apps. Some of the investments are planned for Trump’s four-year term, while others are planned for five or ten years. In one case, the company plans to invest $25 billion in planned investments for ADQ and Energy Capital Partners, but is not limited to US-based projects.
The White House declined to provide details of the additional investment. The spokesman pointed to data from the Federal Bureau of Economic Analysis, which is called a historic increase in business investments by 22% in the first quarter of 2025.
However, experts warned that the increase was shaped by companies stocking stock before Trump’s tariffs took effect, and that the increase was unlikely to remain.
Many of the presentations are ambitious, experts say
Experts told Politifact that each of the five biggest investments in Trump’s list may not reach the dollar amount Trump quoted, or that it may not be urged by Trump’s policies alone.
“Many of these announcements, especially the AI and semiconductor sector announcements, appear to be inherently ambitious, at least in part,” Yampolskiy says. “They act as signalling, attract investors’ attention, shape policy discourse, and ensure a favorable regulatory or funding environment.”
The five biggest corporate investments collectively account for 82% of the dollar value on the White House corporate list.
The five companies that make up the majority of new investment commitments are:
Stargate
The Stargate project is an artificial intelligence collaboration between Openai, Oracle and Softbank, announced at the White House event on January 21st. The White House values its investment at $500 million.
The company’s official announcement states that $100 billion will be invested “quickly” and will invest a total of $500 million over the next four years.”
“We haven’t seen whether it will end up being spent yet,” writes John Higgins, chief economist at Capital Economics, an international consulting firm.
Enrique Dunn, a technology and policy researcher at IE business school in Madrid, said the $500 million figure is “astronomical and about 2% of the US gross domestic product), and there is no clear documentation.”
“We can’t do this without the president,” Openai CEO Sam Altman said at the White House event. But Altman was discussing plans for a $100 billion investment 10 months before Trump won his second term, the Washington Post reported that it included data centers in Abilene, Texas, which began construction in the summer of 2024.
“AI investment lies on a global trajectory driven by technological maturity and competitive pressures, particularly from China,” Dans said. “The US president would have seen a surge.”
nvidia
Another AI company, Nvidia Corp, said it plans to invest up to $500 million in US infrastructure over the next four years. Previously, Nvidia produced most of its chips in Taiwan.
“Unless it’s due to pressure from the Trump administration, it’s unlikely that Nvidia will move production to the US,” Gil Luria, an analyst at financial services company Da Davidson, told Reuters. However, Luria added, “The half trillions are likely to be exaggerated.”
Dans has contributed to the company’s focus, saying that the tax cuts from Trump’s first term were “probably, core growth anyway,” regardless of the president.
apple
On February 24, days after Apple CEO Tim Cook met with Trump, Consumer Electronics Giant announced plans to spend “over $500 million in the US over the next four years.”
Analysts have expressed skepticism that this represents a new investment. Dan called the investment “just what more” [Apple] “From daily activities with thousands of suppliers in all 50 states to operating domestic data centers, and investments in Apple TV+ and other projects already manufactured domestically.”
In a note to investors, David Vogt, an analyst at Switzerland-based bank UBS, wrote: [the figure] There is no substance. ”
IBM
On April 28, IBM announced plans to invest $150 billion in the United States. This includes more than $300 billion in research and development on the manufacturing of US-based mainframes and quantum computers.
This was “obviously not Trump-related,” Dance said. “IBM’s strategy pivot has been underway since the 2010s.”
“While IBM believes that Quantum Technology will continue to invest in emerging regions, the boldest figure is likely a gesture to the US administration,” Reuters reported.
Taiwan Semiconductor Manufacturing
Taiwan Semiconductor Manufacturing Co, which manufactures computing and electronics semiconductors, has committed to spending $100 million in the US. Analysts said the number is the most popular investment Trump has quoted. Bringing semiconductor production back to the US began during Trump’s first term, but Dans said Biden’s chips and science laws “severely accelerated,” prompting long-standing investments before Trump’s second term.
Over the past five years, the company has spent at least $65 billion on a manufacturing facility near Phoenix, Arizona, and has funded $6.6 billion from the Chip and Science Act.
Overall, DANS states, “Trump may deserve some credit to set a more aggressive tone on economic nationalism and supply chain reuse, and lowering corporate tax reforms that have affected repatriation and some investment decisions. But most of these trends — the AI boom, semiconductor rebroadcasts, and cloud computing infrastructure, is to continue Trump, a long-term structural shift.”
Our arbitration
“Now we’re nearly $10 trillion, and with that in mind, we’re thinking about $10 trillion,” Trump said. “We’re essentially talking about two months.”
The White House points to an investment announcement totaling $5.1 trillion, including $2.1 trillion from businesses and other countries.
This is at least $4.9 trillion shortfall in Trump’s numbers, and these announcements represent future spending, some of which are planned for four, five or ten years.
Experts said much of the dollar amount is ambitious and the announced investment may not be fully reached. They also said some of the investments came regardless of who was president.
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