Early talks are underway for MGX, the state-backed investment group in Abu Dhabi, to invest in the chip venture of OpenAI, the maker of ChatGPT.
The Financial Times verified on Friday that MGX is considering investing in Sam Altman’s company’s AI chip project.
Earlier this week, MGX, a tech investment business, was launched with founding members G42 and Mubadala (Abu Dhabi).
The corporation makes a crucial step in line with its staging as a technological investment firm, creating ripples throughout the AI landscape, with the aforementioned investment plans going into effect quickly after the organisation’s founding.
The news comes after an earlier FT article claiming that Temasek Holdings, a company based in Singapore, was in talks to acquire OpenAI.
Omar Sultan Al Olama, the UAE’s minister of artificial intelligence, told the Financial Times that he also sees Elon Musk, the owner of xAI, utilising AI in the nation.
Olama told the FT, “I don’t think it’s far out for him (Musk) to do something here.”
In the meantime, the UAE has previously reaffirmed its position on promoting and supporting recently emerging technologies in light of the rapidly growing popularity and use of cryptocurrencies in recent days.
The UAE further highlights national aspirations to strengthen AI with MGX’s plans to invest in the most well-known AI-related company in the world; Musk’s possible AI-related tale, as previously indicated, adds even more weight to the debate.
Top AI players like Altman and Nvidia CEO Jensen Huang have been drawn to the UAE because of its ambition and financial might.
The Gulf state was a pioneer in the fledgling field, having appointed the first AI minister in history in 2017 and established the first-degree programme in AI two years later.
During an appearance in Abu Dhabi last year, Altman stated that the state had “been talking about AI since before it was cool.”
