Thursday, July 24, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

UAE set to help fund OpenAI’s in-house chips

Simon Osuji by Simon Osuji
March 15, 2024
in Artificial Intelligence
0
UAE set to help fund OpenAI’s in-house chips
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter


OpenAI’s ambitious plans to develop its own semiconductor chips for powering advanced AI models could receive a boost from the United Arab Emirates (UAE), according to a report by the Financial Times.

The report states that MGX — a state-backed group in Abu Dhabi — is in discussions to support OpenAI’s venture to build AI chips in-house. This information comes from two individuals with knowledge of the discussions.

In order to achieve its goal of creating semiconductor chips internally, OpenAI is reportedly seeking investments worth trillions of dollars from investors worldwide. By manufacturing its own chips, the San Francisco-based company aims to reduce its reliance on Nvidia, the current global leader in semiconductor chip technology.

As part of its funding efforts, OpenAI struck a deal with Thrive Capital in February 2023, which reportedly increased the company’s valuation to more than $80 billion, marking an almost threefold increase in under 10 months.

This comes as the UK semiconductor sector gains enhanced access to research funding through the country’s participation in the EU’s ‘Chips Joint Undertaking’.

The UK’s participation in the Chips Joint Undertaking provides the British semiconductor sector with enhanced access to a €1.3 billion pot of funds set aside from Horizon Europe to support research in semiconductor technologies up to 2027. The move is backed by an initial £5 million from the UK government this year, with an additional £30 million due to support UK participation in further research between 2025 and 2027.

“Our membership of the Chips Joint Undertaking will boost Britain’s strengths in semiconductor science and research to secure our position in the global chip supply chain,” said Technology Minister Saqib Bhatti. “This underscores our unwavering commitment to pushing the boundaries of technology and cements our important role in shaping the future of semiconductor technologies around the world.”

Back in the UAE, MGX — the group behind the potential investment in OpenAI — is an AI-focused fund launched earlier this week and headed by the UAE’s national security adviser, Sheikh Tahnoon Bin Zayed al-Nahyan. The fund was established in collaboration with G42 and Mubadala, with G42 having already entered into a partnership with OpenAI in October 2023 as part of the company’s Middle East expansion.

During the G42 partnership deal, OpenAI CEO Sam Altman stated that they plan to bring AI solutions to the Middle East that “resonate with the nuances of the region.”

One of the sources briefed on the MGX fund emphasised, “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.”

As the race to develop cutting-edge semiconductor technologies intensifies, both the UAE and the UK-EU are positioning themselves as key players.

(Photo by Wael Hneini on Unsplash)

See also: EU approves controversial AI Act to mixed reactions

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with other leading events including BlockX, Digital Transformation Week, and Cyber Security & Cloud Expo.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

Tags: ai, artificial intelligence, chips joint undertaking, eu, europe, hardware, horizon europe, mgx, openai, semiconductor, uae, uk, united arab emirates



Source link

Related posts

Is ChatGPT making us stupid?

Is ChatGPT making us stupid?

July 24, 2025
The Very Real Case for Brain-Computer Implants

The Very Real Case for Brain-Computer Implants

July 24, 2025
Previous Post

Top 3 Memecoins To Watch This Weekend

Next Post

Textron to Supply Special Missions Aircraft to Djibouti

Next Post
Textron to Supply Special Missions Aircraft to Djibouti

Textron to Supply Special Missions Aircraft to Djibouti

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Central Blood Bank in Bousher to temporarily close for maintenance

Central Blood Bank in Bousher to temporarily close for maintenance

7 months ago
Amidst rumors of danger and futility, PwC exits 9 African countries without giving reasons

Amidst rumors of danger and futility, PwC exits 9 African countries without giving reasons

3 months ago
Indiana Jones and the Great Circle Review: Fortune and Glory

Indiana Jones and the Great Circle Review: Fortune and Glory

7 months ago
The Wealth of Lupita Nyong’o and Her Career Highlights

The Wealth of Lupita Nyong’o and Her Career Highlights

5 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Tanzania’s natural gas sector goes global with Dubai deal

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.