The enthusiasm for the announcement of Stargatethe 500 billion joint venture announced by Trump with the aim of building key infrastructure for the development ofartificial intelligencehas played a bad joke on many investors. All the “fault” of the name Mgx, an investment fund based in the United Arab Emirates which was among the first to finance Stargate, which generated confusion among investors who bought massive shares of a company with the same code. But in reality the company that has seen growth on the stock market is Metagenomes Inc.active in the biotechnology sector and specialized in genome editing.
The company that made a +33% on the stock market
A classic case of homonymy, which however led to the actions of Metagenomes (known on the stock exchange with the code Mgx) at a leap of 33% in a single day, before they stabilized at a still surprising +8.7%. Up until that point, the company had seen a decline of 67% over the past twelve months and 24% over the past six. A sensational result, for a company that has nothing to do with projects directly linked to artificial intelligence.
The company is active in the biotechnology sector specializing in genome editing, a type of genetic engineering in which parts of DNA are inserted, deleted, modified, or replaced by the genetic heritage of an organism or a single cell. Last week, the company said it was working to begin clinical trials of its experimental treatment for hemophilia A in 2026.
Confusion erupted after the announcement that Mgx would join OpenAI, SoftBank And Oracle in the new project supported by the president of the United States, Donald Trump. However, Mgx is a technology fund based in the United Arab Emirates and as such it is not listed on the stock exchange.
What is Stargate: Trump aims for artificial intelligence
Even with this hitch, the creation of Stargate It attracted a lot of people. President Donald Trump himself, together with Sam Altman of OpenAI, Masayoshi Son of SoftBank and Larry Ellison of Oracle, had presented it with the ambitious goal of creating the largest artificial intelligence infrastructure never built.
The operation involves an initial investment of 100 billion dollars, destined to rise to 500 billion in the coming years, with the creation of 100 thousand new jobsbuilding data centers across the country and supporting the development of next generation of artificial intelligence.
There are big names behind Stargate. SoftBank will take on financial responsibility for the project, OpenAI will manage operations and Oracle will provide its data center expertise, while Mgx, the right one, will be one of the initial equity backers. The first project, a data center of more 300 thousand square meters in Texas, it is already under construction.
Why Elon Musk doesn’t like Stargate
But the 500 billion project may have caused the first rift between Elon Musk and Donald Trump. The South African entrepreneur did not take the US president’s initiative well and criticized OpenAI, claiming that SoftBank has less than 10 billion dollars guaranteed, claiming to have “authoritative evidence” on this.
They think differently Altmanwho called Stargate “the most important project of our era,” and Trump, who considers it “the largest artificial intelligence infrastructure project in history.”