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Recent reports from the Financial Times indicate that OpenAI is garnering interest from Abu Dhabi for its venture into creating specialized semiconductor chips tailored for advanced AI functions.
Insider sources reveal ongoing discussions between OpenAI and the UAE state-backed group MGX regarding potential funding for this endeavor.
In a bid to internally develop AI chips, OpenAI is actively seeking substantial investments, estimated to be in the trillions of dollars, from global investors. This strategic maneuver aims to reduce the company’s dependence on Nvidia, the current dominant force in the semiconductor chip market.
As part of its fundraising efforts, OpenAI struck a deal with Thrive Capital in February 2023 to sell company shares, resulting in a purported valuation surge to over $80 billion in less than a year.
MGX, the prospective investor from the UAE, is a nascent AI-focused fund spearheaded by Sheikh Tahnoon Bin Zayed al-Nahyan, the UAE’s national security adviser.
Formed in collaboration with G42 and Mubadala, MGX underscores OpenAI’s burgeoning presence in the Middle East, with G42 having previously partnered with the company in October 2023 to facilitate its regional expansion.
Also Read: OpenAI Partners with Le Monde & Prisa Media for Journalism
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