According to The New York Times, the Saudi government and a16z plan to launch a $40 billion AI investment fund in the second half of 2024.
The fund aims to accelerate AI development, maybe in conjunction with Silicon Valley’s a16z. Co-founder of A16Z. Ben Horowitz is friendly with the Saudi fund’s governor, Yasir Al-Rumayyan.
The program is funded by Saudi Arabia’s national wealth fund, which could propel it to the forefront of the global AI market. The target markets include chip manufacturers, data centers, and possibly AI startups. These sectors are consistent with ongoing collaboration discussions that have been ongoing since April 2023, as well as SoftBank’s leadership position in AI asset management with $150 billion.
This action is consistent with international AI developments, such as the United States’ focus on AI safety standards. President Biden’s executive order prioritizes transparency and collaboration among artificial intelligence companies. The CEO of OpenAI is now seeking funding to upgrade semiconductor chips.
Saudi Arabia’s large investment will shape the course of AI research by demonstrating its commitment to AI innovation and collaboration with worldwide digital behemoths like a16z.
