This week saw Nvidia, AMD, AWS, and several major corporations engage in over $100 billion in AI investments, marking Saudi Arabia's ambition to become a leader in AI technology. These partnerships stem from the country's $940 billion Public Investment Fund and are part of Vision 2030, aimed at diversifying the economy. Major announcements at the US-Saudi investment summit included significant financial commitments for developing AI infrastructure, including 'AI factories' supported by PIF and global tech giants. The initiative seeks to enhance the nation’s standing in the AI field by 2030.
Nvidia, AMD, AWS, and others struck $100 billion in AI deals this week, aiming to profit from cheaper power and faster access to the growing Middle Eastern market for IT services.
Within that, the $100 billion Project Transcendence aims to put the kingdom among the top 15 countries in AI by 2030.
The deals announced during this week's US-Saudi investment summit in Riyadh include a $20 billion commitment from Saudi firm DataVolt for AI data centers and energy infrastructure in the US and an $80 billion joint investment by Google, DataVolt, Oracle, Salesforce, AMD, and Uber in technologies across both nations.
Humain, an AI company backed by PIF, had a major role in the deal-making, with Nvidia supplying hundreds of thousands of GPUs to create 'AI factories' in Saudi Arabia.
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