PYMNTS.com September 22, 2024
Sovereign wealth funds have reportedly become major players in the artificial intelligence (AI) funding race.
Countries such as Saudi Arabia, Kuwait and the United Arab Emirates (UAE) are turning to AI projects as a way to diversify their economies, CNBC reported Sunday (Sept. 22).
In the last year, funding for AI firms from these oil-rich nations’ wealth funds have grown fivefold, the report added, citing Pitchbook data.
MGX, an AI fund from the UAE, is among the investors looking to take part in OpenAI’s latest fundraising effort, which is believed to value the company at $150 billion, sources told CNBC.
As the report noted, most venture capital (VC) funds can’t afford to compete with tech giants such as Amazon and...
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