MGX 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.