Billionaire investors loathe missing out on the next hottest investment.
They want to create transformative change and invest early so they can shape the future and reap the rewards. Artificial intelligence (AI) is the latest hot trend, with billionaires like Xavier Niel investing huge sums to advance the technology. Niel recently announced he invested $210 million in various AI initiatives in France. This includes a new AI research lab at the Station F startup campus he founded in 2017 in Paris. It also includes funding for improving cloud supercomputing capabilities.
Niel is also providing funding for AI startups. He invested in several French AI startups, including Poolside AI and Mistral AI. These startups are developing AI technologies for a variety of applications, including drug discovery, medical imaging and financial services.
Don’t Miss:
- It's only a matter of time before Autonomous Security Robots (ASRs) are on patrol near you. This industry-leading company is offering up to $10M of bonds with 10% annual interest paid in cash.
- Airbnb was worth $47 billion at IPO. This Startup Is Automating The Trillion-Dollar Hospitality Market. AI Startup Looks To Put Airbnb Hosting And Property Management On Autopilot.
France As Emerging Tech Player
Niel's investment further supports billionaire interest in AI technology, startups and efforts by French entrepreneurs to raise their profiles and develop a strong tech ecosystem in the country.
Niel is the founder and CEO of Iliad, a Paris-based telecommunications company that offers mobile telephony services, internet hosting and phone cards, among various other services. He said in a statement, "When a tech revolution erupts, we want to be part of it. Twenty-five years ago, the revolution was the internet — and we were there. Today, it's artificial intelligence — and we're making sure we're there for that, too."
Some billionaires such as Brad Gerstner, head of investment firm Altimeter Capital, contend that AI will transform civilization, saying it's "bigger than the internet" and that "AI is one of the most significant technology disruptions of our lifetime."
Niel's investment is a major boost for France's tech ambitions to become a force in innovation and technological progress in the coming decades. The research lab at Station F will focus on creating new AI technologies for various industry applications, including in healthcare, transportation and manufacturing.
Niel is also investing in cloud supercomputing capabilities. He recently purchased a Nvidia DGX SuperPOD, one of the most powerful supercomputers in the world. Researchers will use the SuperPOD at the AI research lab as well as startups and businesses that are developing AI-powered products and services to improve AI's capabilities and develop breakthroughs.
Gates, Musk And Others Investing Big In AI
Other prominent billionaires also are investing in AI. Over the summer, investors including Microsoft Corp., Nvidia, Bill Gates and former Google CEO Eric Schmidt led a $1.3 billion funding round for Inflection AI, which is creating the next generation of AI tools. Japanese investor Masayoshi Son is the founder and CEO of Japanese investment conglomerate SoftBank Group Corp. SoftBank has invested billions of dollars in AI startups, including Nvidia, Cruise Automation and Arm Holdings.
Tesla Inc. CEO Elon Musk was among the creators of OpenAI, the company behind ChatGPT but left the organization because of several disagreements. In July, he launched his own AI company called xAI, which he says will operate with several goals, including "to understand the true nature of the universe."
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
