Saudi Arabia is considering a $40 billion investment fund for AI in partnership with Silicon Valley VC firm a16z.
The Saudi Arabian government is reportedly mulling the creation of a $40 billion investment fund to pour money into artificial intelligence, which could take place in the second half of the year.
Representatives behind Saudi Arabia’s Public Investment Fund are also considering a partnership with Silicon Valley venture capital firm Andreessen Horowitz to oversee the AI investments, The New York TimesOther venture capitalists may also participate in the AI fund and the a16z partnership could see it setting up an office in the country’s capital, Riyadh.
One of a16z’s founders, Ben Horowitz, is friends with the fund’s governor Yasir Al-Rumayyan, the Times reported. If the $40 billion investment goes ahead, it would make Saudi Arabia the largest investor in the AI space. Two of the three people familiar cited by the Times predicted the fund could be launched in the second half of 2024, but the plans could still change.Saudi Arabia’s AI fund would be sourced through the Kingdom’s $900 billion sovereign wealth fund and it’s looking to invest in chip makers and large data centers that have the capacity to power AI technology.
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