BlackRock is preparing to launch a more than $30bn artificial intelligence investment fund with technology giant Microsoft to build data centres and energy projects to meet growing demands stemming from AI. The financial partnership, which BlackRock is launching with its new infrastructure investment unit, Global Infrastructure Partners, would be one of the biggest investment vehicles ever raised on Wall Street. Microsoft and MGX, the Abu Dhabi-backed investment company, are general partners in the fund. Nvidia, the fast-growing chipmaker, will advise on factory design and integration. The investment vehicle is aimed at addressing the staggering power and digital infrastructure demands of building AI products that are expected to face severe capacity bottlenecks in coming years. The computing power of AI requires far more energy than previous technological innovations and has strained existing energy infrastructure. Dubbed the Global AI Investment Partnership, the effort seeks to raise up to $30bn in equity investments and leverage to support up to an additional $70bn in debt financing. The fund would mark GIP’s first big fund since the private infrastructure investment group agreed to be acquired by BlackRock for $12.5bn earlier this year. That deal is due to close in October. BlackRock, the world’s largest money manager, has highlighted the energy sector as one of its top opportunities for growth. “Mobilising private capital to build AI infrastructure like data centres and power will unlock a multitrillion-dollar long-term investment opportunity,” Larry Fink, BlackRock chief executive, said in a statement.
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