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

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

MGX, Abu Dhabi’s state-backed investment business, is in the early stages of discussing an investment in OpenAI’s chip program.

Abu Dhabi’s state-backed investment firm MGX is in the early stages of discussions to invest in OpenAI’s chip initiative, according to reports on Friday.

MGX, a technological investment venture founded by Abu Dhabi’s Mubadala and artificial intelligence firm G42, was only formed this week.

The claim follows an earlier report that Singapore’s Temasek Holdings was in talks to invest in OpenAI.

The UAE’s AI minister, Omar Sultan Al Olama, said that he also sees xAI owner Elon Musk doing anything AI-related in the country.

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

AI businesses received one out of every three dollars invested in the United States last year, with OpenAI’s ChatGPT stealing the show as entrepreneurs rushed to build AI technology.

The launch of OpenAI’s ChatGPT in late 2022 drew attention to generative AI technologies, resulting in billions of dollars in investments in processors and servers needed to support the deployment of such applications.

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