Saudi Arabia and Andreessen Horowitz commit to $40 billion AI fund

The world could see a new superpower emerge in the AI ​​race. Saudi Arabia is reportedly earmarking her $40 billion to invest in artificial intelligence technology. A fund of this size would be one of the world’s largest ever focused on AI development, according to the company. new york times.

People familiar with the plan told The New York Times how representatives of the kingdom’s public investment fund acted. It has long been used in Silicon Valley to fund technology startups. and it used to be Popular financing options for Elon Musk’s Tesla — is working on an AI fund with several leading U.S. investors, including Andreessen Horowitz.

AI investment by global companies It’s explodedHowever, with such huge investments from Saudi Arabia, Saudi Arabia will become a major global player in this field. It would also fulfill Saudi Arabia’s broader goals of differentiating its domestic business model (currently heavily dominated by oil) while expanding its geopolitical influence.

The technicalities of how the fund will work and how involved Andreessen Horowitz will be have yet to be finalized, people told the Times. They added that the move could start in earnest as early as the second half of this year.

More AI news

Nvidia’s ‘Taylor Swift’ moment causes Wall Street to double down on AI chip stocks

Source link