EU launches InvestAI initiative to mobilise €200 billion of investment in artificial intelligence [Brussels – Belgium]

Author: Ivan Sotiriadis | Source: eoc.org.cy | Read the full article

The European Union has recently introduced a significant initiative called InvestAI, aimed at raising €200 billion to enhance investment in artificial intelligence (AI). This announcement was made by Commission President Ursula von der Leyen during the Artificial Intelligence Action Summit held in Paris. A key component of this initiative is the establishment of a new European fund worth €20 billion, specifically designed to support the development of AI gigafactories across Europe.

These AI gigafactories will focus on training advanced AI models that require substantial computing power. With plans to build four of these facilities, the initiative aims to provide the necessary infrastructure for breakthroughs in various fields, including medicine and science. The gigafactories will utilize cutting-edge technology, featuring around 100,000 state-of-the-art AI chips, which is significantly more than current AI factories.

InvestAI is set to be the largest public-private partnership globally for developing trustworthy AI. The initiative emphasizes open innovation and aims to ensure that companies of all sizes can access the computing resources needed to innovate and grow. By combining public funding with private investment, the EU hopes to create a robust environment for AI development that benefits the entire continent.

[Read More]