Saudi Arabia will invest $40 billion in artificial intelligence

Saudi Arabia invests $40 billion in artificial intelligence

According to the New York Times, the Saudi Arabian government is planning to invest in artificial intelligence. A fund worth $40 billion plans to create. As stated Saudi Arabia Public Investment Fund (PIC) representatives from Silicon Valley’s leading venture capital firms in recent weeks. Andreessen Horowitz and has been in talks with other financiers about a potential partnership. According to the news, Andreessen Horowitz and PIF manager Yasir Al-Rumayyan also discussed the possibility of the US company opening an office in Riyadh.

Planned tech fund Saudi Arabia in the field of artificial intelligence world’s largest investor will make it. The move reflects the oil-rich country’s global business ambitions as well as its efforts to diversify its economy. However, the investment fund In the second half of 2024 It is stated that it will be started. Until then, other venture capitalists may also join the fund. According to reports, Saudi representatives, chip manufacturers and large scale data centers it is about to included too related to artificial intelligence various technology startups is interested in supporting.

The ongoing global frenzy around artificial intelligence has sent valuations of private and public companies soaring as investors race to find or build the next Nvidia or OpenAI. For example, start-up Anthropic raised more than $7 billion in just one year. In the world of venture capital, this is almost unheard of. We see that Nvidia has gained 245 percent in value in the last year. The company became the first chip company to reach a value of $1 trillion (current value is $2.24 trillion).

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