The government of Saudi Arabia, along with a16z, is planning to launch a $40 billion investment fund for artificial intelligence (AI) in the second half of 2024, as reported by The New York Times.
The fund, possibly in partnership with Silicon Valley’s a16z, aims to boost AI development. Ben Horowitz, a16z’s co-founder, has a friendship with the Saudi fund’s governor, Yasir Al-Rumayyan.
The investment, funded by Saudi Arabia’s sovereign wealth fund, could position it as a major player in AI globally. Target areas encompass chip makers, data centers, and potentially fostering AI startups, aligning with ongoing talks of a partnership since April 2023 align with SoftBank’s leading $150B assets under management in AI.
This move aligns with global AI trends, including the US’s focus on AI safety standards. President Biden’s executive order emphasizes transparency and cooperation among AI firms. Meanwhile, OpenAI’s CEO is seeking funding for semiconductor chip advancements.
Saudi Arabia’s substantial investment signals its commitment to AI innovation and collaboration with global tech leaders like a16z, shaping the future of AI development.
Also Read: OpenAI’s Chip Ambitions Attract UAE Investors: Report
