The Saudi Arabian government is setting up a substantial fund, amounting to approximately $40 billion, to invest in artificial intelligence (AI). This move positions Saudi Arabia as potentially one of the largest investors in the AI sector.
With a planned investment fund of $40 billion, the nation aims to become a key player in the global artificial intelligence industry.
Saudi Arabia invests $40 billion in artificial intelligence
According to the New York Times, the Saudi Arabian government is planning to establish a fund worth approximately $40 billion for investments in artificial intelligence (AI). Recent discussions have reportedly taken place between representatives of Saudi Arabia’s Public Investment Fund (PIF) and Andreessen Horowitz, a leading venture capital firm in Silicon Valley, along with other financiers, regarding a potential partnership. These talks have also touched on the possibility of Andreessen Horowitz opening an office in Riyadh, as discussed by PIF executive Yasir Al-Rumayyan and the U.S. firm.
This technology fund aims to position Saudi Arabia as the world’s largest investor in artificial intelligence, reflecting the country’s ambitious global business goals and its drive to diversify its economy. The launch of the investment fund is slated for the second half of 2024, offering an opportunity for other venture capitalists to join in the meantime. Saudi representatives have expressed interest in supporting a variety of AI-related technology projects, including those involving chipmakers and the development of large-scale data centers.
The intense global interest in artificial intelligence has significantly increased the valuation of both private and public companies, with investors eager to discover or create the next Nvidia or OpenAI. For instance, a startup named Anthropic has raised over $7 billion in just one year, a nearly unprecedented feat in venture capital. Meanwhile, Nvidia’s value has surged by 245 percent over the past year, becoming the first chip company to achieve a $1 trillion valuation (currently valued at $2.24 trillion).
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