SA: Saudi Arabia plans to pour $40bn into AI technology – report

ID 57227973 © Dennis Thompson | Dreamstime.com

SEEKING ALPHA reports:

Saudi Arabia is apparently creating a fund worth about $40B to invest in artificial intelligence, according to The New York Times.

The Middle Eastern nation is serious about throwing its monetary weight into the technology that is reshaping industries, according to three people briefed on the plan, the report said.

Over the last month, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s largest private venture capital firms, and other financiers, The New York Times reported.

The fund would possibly make Saudi Arabia the world’s largest investor in AI, as it would be much larger than U.S. venture capital firms typically amass. Some Wall Street banks are reportedly helping to assemble the fund…

The full story is here.