Abu Dhabi Abu Dhabi Startup News

MGX, the United Arab Emirates investment firm based in Abu Dhabi, has participated in OpenAI’s latest $6.6 billion funding round. This investment places MGX alongside tech heavyweights like Microsoft, Nvidia, and SoftBank in backing one of the world’s most prominent artificial intelligence companies. OpenAI’s Meteoric Rise OpenAI, the company behind the revolutionary ChatGPT, has seen its valuation nearly double to $157 billion in just nine months. This valuation surge reflects the tech industry’s unwavering enthusiasm for AI, despite ongoing debates about the technology’s effectiveness and safety.

Sam Altman, CEO of OpenAI, has ambitious plans to build a semiconductor business to produce AI processors for OpenAI’s needs Altman believes OpenAI will need its own AI processors in the long run to stay competitive in the AI market Abu Dhabi, through its newly-launched state-backed AI investment fund MGX, is in talks with Altman to potentially invest in this chip venture MGX aims to build up to $100 billion in assets under management within a few years of its launch The United Arab Emirates is seeking to become a significant AI power and global leader in testing and regulating AI technology The talks between MGX and Altman are still in early stages, but could lead to a major investment deal to support OpenAI’s in-house chip development plans Abu Dhabi’s MGX in Talks to Invest in Sam Altman’s Chip Venture Abu Dhabi, UAE - MGX, the newly-established Abu Dhabi technology investment company, is reportedly in talks to invest billions of dollars in Sam Altman’s visionary plan to build a network of AI chip factories worldwide.

As the cryptocurrency and blockchain industry continues to grow, the UAE is positioning itself as a global leader in the virtual assets market. The country has taken several steps to regulate and support the industry, creating a favorable environment for businesses and investors alike. The startup Virtual Assets put together a comprehensive guide to the UAE’s virtual assets market, covering everything from regulations and licensing. The guide provides valuable insights for startups, investors, and businesses looking to enter the virtual assets space in the UAE.

Abu Dhabi has unveiled MGX, a new technology investment company aimed at accelerating the development and adoption of artificial intelligence (AI) and advanced technologies. Launched by the Artificial Intelligence and Advanced Technology Council (AIATC), MGX is set to become one of the world’s largest funds focused solely on AI, with a target of surpassing $100 billion in assets under management. Focusing on Key AI Sectors MGX will invest in three core areas:

In a recent remarkable development, the Falcon 40B parameter Large Language Model (LLM) has clinched the top spot on the coveted Open LLM Leaderboard. An accomplishment made more extraordinary by the fact that this is the first open model developed by the team behind Falcon 40B, making a significant statement in the field of AI. The Open LLM Leaderboard, hosted by 🤗 Hugging Face, is a notable platform that ranks and evaluates LLMs and chatbots based on their performance in different evaluation tasks.