United

Dubai

OpenAI’s intentions to <a href="https://cointelegraph.com/news/openai-ceo-sam-altman-eyes-global-chip-venture-funding">produce its own semiconductor chips</a> for powering high-level artificial intelligence (AI) models may be getting funding out of Abu Dhabi, a&nbsp;<a href="https://www.ft.com/content/d018067f-20e7-49eb-83dc-ebb8b1aad1a5" target="_blank" rel="noopener nofollow">report</a> from the Financial Times reveals.&nbsp;
The report, published on March 15, says that the United Arab Emirates state-backed group MGX is in discussions to back OpenAI’s venture to build AI chips in-house, according to two people with “knowledge of the discussions.” 
In order to achieve its goals of creating semiconductor chips in-house, OpenAI is reportedly <a href="https://cointelegraph.com/news/openai-seeking-trillions-ai-chip-development">seeking trillions of dollars in investments</a> from investors around the world. 
By making its own chips, the San Francisco-based company hopes to reduce its reliance on Nvidia, the <a href="https://cointelegraph.com/news/nvidia-q4-results-earnings-revenue-up-265-ai-boom-tesla">current global leader</a> in semiconductor chip technology.
As a part of its funding efforts, <a href="https://cointelegraph.com/news/open-ai-valuation-reportedly-soars-to-80-billion-in-latest-deal">OpenAI made a deal with Thrive Capital</a> to sell shares in the company in February 2023, which reportedly increased the valuation of the company to more than $80 billion. This marked almost a threefold increase in under 10 months. 
MGX, the group behind the potential UAE investment, is an AI-focused fund started earlier this week and headed by the national security adviser of the UAE Sheikh Tahnoon Bin Zayed al-Nahyan. 
The fund was also created in collaboration with G42 and Mubadala, the former having already <a href="https://cointelegraph.com/news/openai-g42-dubai-middle-east-expansion">entered into a partnership with OpenAI</a> in October 2023 as a part of the company's Middle East expansion. 
Related: <a href="https://cointelegraph.com/news/open-ai-working-on-artificial-intelligence-chat-gpt-use-devices">OpenAI reportedly working on next big product: A ChatGPT that can use devices</a>
OpenAI CEO Sam Altman said during the G42 partnership deal that they plan to bring AI solutions to the Middle East that “resonate with the nuances of the region.”&nbsp;
This comes as the UAE continues to position itself as a global leader in emerging technologies, with Dubai already <a href="https://cointelegraph.com/news/metaverse-adoption-middle-east-governments-economy">known as a hub for emerging technologies</a> like cryptocurrencies and the metaverse. 
One of the sources briefed on the fund echoed that sentiment, saying with the new fund, “they’re looking at creating a structure that will put Abu Dhabi at the center of this AI strategy with global partners around the world.” 
Last year, the <a href="https://cointelegraph.com/news/web3-digital-assets-ai-uae-emirate-launches-new-free-zone">UAE launched a free zone</a> dedicated to supporting companies involved in digital and virtual assets, blockchain, Web3 and AI in Ras Al Khaimah.
Magazine: <a href="https://cointelegraph.com/magazine/truth-behind-ai-reply-guys-copilot-picture-panic-trump-deepfakes-ai-eye/">Truth behind AI reply guys, Copilot picture panic, Trump deepfakes: AI Eye</a>

OpenAI semiconductor chip plans entice UAE investors: Report

Cointelegraph

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