A new Abu Dhabi investment company is in talks to back OpenAI’s ambitious chip venture, in the latest effort by the United Arab Emirates to become a global powerbroker in the development of artificial intelligence. State-funded MGX is in early stage discussions over a funding deal with OpenAI, according to two people with knowledge of the discussions. The US start-up’s chief executive Sam Altman is seeking to launch a semiconductor business to reduce its dependence on cutting-edge chips made by Nvidia. Estimates from Altman and others of the cost of building out AI infrastructure have varied from hundreds of billions of dollars to as high as $7tn over the coming years. Such figures price out traditional technology venture capitalists, leading the group to approach nation-states. The Financial Times this month reported that OpenAI was also holding talks with Singapore-backed Temasek over a funding deal. MGX, an AI-focused fund that launched this week, is chaired by the UAE’s powerful national security adviser Sheikh Tahnoon bin Zayed al-Nahyan. The nation is betting its wealth, abundant energy resources and the political backing of the autocratic state’s leadership give it a head start in the race to become a global AI hub. “They’re looking at creating a structure that will put Abu Dhabi at the centre of this AI strategy with global partners around the world,” said a person briefed on the fund. The UAE’s AI minister Omar Sultan Al Olama told the FT that Tesla chief Elon Musk — who has launched xAI, a company building AI models in an effort to rival OpenAI — was also interested in partnerships with the Gulf state. “I do see him [Musk] doing something [AI-related] here,” said Olama, adding that he first met the billionaire in 2017 and has done so multiple times since. “I don’t think it’s far out for him to do something here,” said Olama. “The economics are going to dictate what he and others do here.”
Full report : Abu Dhabi-backed firm in talks to invest in OpenAI’s AI chip venture.
