NEW YORK, Wednesday, September 18, 2024- A consortium of tech giants and financial firms, led by BlackRock and Microsoft, has announced the formation of a $30 billion investment fund dedicated to artificial intelligence (AI) infrastructure, reports said.
The Global AI Infrastructure Investment Partnership (GAIIP) will focus on building data centers and supporting power infrastructure, essential components for advancing AI development.
NVIDIA Corp., a leading provider of AI hardware, will contribute its expertise to GAIIP, aiding in the design and integration of AI factories.
The fund aims to attract an additional $70 billion through debt financing, potentially reaching a total investment of $100 billion.
GAIIP seeks to enhance the US’s competitiveness in the global AI landscape by addressing infrastructure bottlenecks.
The partnership between tech giants and financial institutions although it is seen as the collaborative nature of AI development, has financial interest in AI technology shortly.
