Saudi Arabia Plans to Create a $40 Billion Fund to Invest in AI

IBL News | New York

Saudi Arabia is planning a $40 billion push into AI, The New York Times reported.

Its government will create a fund of that amount to invest in AI initiatives.

Wall Street banks are currently helping put together this tech fund. The $40 billion fund would make the oil-rich nation the world’s largest investor in AI. It would also allow it to establish itself as a more influential player in geopolitics.

Currently, Saudi Arabia’s sovereign wealth fund has assets of more than $900 billion.

In recent weeks, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms, and other financiers, according to the paper.

In this context, Anthropic declined to take money from Saudi Arabia. Anthropic executives cited national security concerns, CNBC reported.