Saudi Arabia Bets Big on AI with $40 Billion Fund
With this fund, the nation seeks to pursue its goals of diversifying its economy and establishing itself as a more influential player in geopolitics through the $900 billion assets of its sovereign wealth fund.
Amid the global AI frenzy, Saudi Arabia is planning to invest $40 billion in artificial intelligence (AI) technology, making it the largest investor in AI.
According to reports, venture capital firm Andreessen Horowitz and other investors have discussed with the Public Investment Fund (PIF), the Sovereign Wealth Fund of Saudi Arabia spearheading this project on investing and potentially establishing a Silicon Valley firm in Riyadh.
Saudi Arabia has been a funding hub for start-ups with a track record of $3.5 billion in funding to Uber in 2016.
Collaboration with the Silicon Valley firm suggests a strategic approach to identify and nurture promising AI startups, particularly those focused on chip manufacturing and data center infrastructure.
With this fund, the nation seeks to pursue its goals of diversifying its economy and establishing itself as a more influential player in geopolitics through the $900 billion assets of its sovereign wealth fund.
