Abu Dhabi-backed firm in talks to invest in OpenAI chip venture?

Abu Dhabi’s state-backed investment firm MGX is in preliminary talks to invest in OpenAI’s chip venture, according to the Financial Times. MGX, formed this week with backing from Mubadala and AI firm G42, is a technology investment company.

MGX and OpenAI did not immediately reply to Reuters’ request for comment.

The article comes after a prior report by the Financial Times, which mentioned discussions between Singapore’s Temasek Holdings and OpenAI regarding investment. Omar Sultan Al Olama, the AI minister of the UAE, informed the FT that he anticipates Elon Musk, owner of xAI, doing something AI-related in the country.

“I don’t think it’s far out for him (Musk) to do something here,” Olama told the FT.

AI startups attracted one out of every three dollars invested last year in the United States, and OpenAI’s ChatGPT grabbed the spotlight as startups raced to develop AI technology.

The debut of ChatGPT in late 2022 highlighted the significance of generative AI, prompting substantial investments in the necessary chips and servers to facilitate its adoption.

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