"Are you all okay if Saudi Arabia becomes the biggest investor in the AI space?"
Unwittingly, the Saudi Arabian government is considering the creation of a $40 billion investment fund to put its money into artificial intelligence (AI) which could happen in the second half of this year.
The representative behind Saudi Arabia's Public Investment Fund also intends to strike a deal with Silicon Valley venture capital firm Andreessen Horowitz (a16z) as part of its efforts to oversee AI investments.
Like to be informed that a16z may be able to establish its office in the capital of Riyadh plus one of its founders named Ben Horowitz is friends with the fund's governor Yasir Al-Rumayyan, however it should be known that other venture capitalists can also participate in the AI fund.
So here it can be seen that Saudi Arabia will become the largest investor in the AI space if the $40 billion investment continues, therefore there are some individuals that the fund will be launched in the second half of 2024 but the plan is still subject to change.
In addition to considering starting its own AI firm, Saudi Arabia's AI fund to be raised through its $900 billion sovereign wealth fund is looking to invest in chipmakers and large data centers that have the capacity to power AI technology.
It is well known that discussions about a potential partnership between Saudi Arabia and a16z have been underway since April 2023.
In Horowitz's interview with the former Chief Executive Officer (CEO) of WeWork Adam Neumann in April 2023, he praised Saudi Arabia as a startup country while arguing that the United States (US) has already started to lose its appeal in the startup scene.
