The IndiaAI Mission will establish a comprehensive ecosystem catalysing AI innovation through strategic programmes…reports Asian Lite News
The industry leaders on Friday hailed the government’s IndiaAI Mission initiative, the country’s first artificial intelligence (AI) mission that was approved with an outlay of Rs 10,371.92 crore.
The IndiaAI Mission will establish a comprehensive ecosystem catalysing AI innovation through strategic programmes and partnerships across the public and private sectors.
“The focus on funding deep tech AI startups, developing open source databases, as well as domain-specific large language models will play an instrumental role in fueling AI innovation in the country, making India a global leader in harnessing the potential of artificial intelligence,” said Tilakraj Parmar, Co-Founder & CEO, QX Lab AI.
He also mentioned that the government’s move to provide financial support and a strategic roadmap for AI integration will act as a catalyst for economic growth and innovation.
Prashanth Kaddi, Partner, Consulting, Deloitte India, said that this move gives a fillip to the startup ecosystem “to drive innovation helping India leapfrog into areas such as text summarisation, video/image generation, and next-gen chatbots etc., including enablement across Indian languages”.
The Mission will be implemented by ‘IndiaAI’ Independent Business Division (IBD) under Digital India Corporation (DIC).
According to an official, the approved IndiaAI Mission will propel innovation and build domestic capacities to ensure the tech sovereignty of the country.
It will also create highly skilled employment opportunities to harness the demographic dividend of the country.
The CEO of Tesla and SpaceX criticized Google Gemini as highly discriminatory…reports Asian Lite News
X owner Elon Musk on Wednesday continued his tirade against Google, saying its artificial intelligence (AI) model Gemini is super racist and even “sexist”.
The billionaire responded to a follower who said that Google Gemini replied to his prompt that “white people should absolutely acknowledge their white privilege”.
“Google Gemini is super racist and sexist,” said the Tesla and SpaceX CEO.
Another follower commented to Musk’s post that “Gemini holds Asians to similar standards as Whites when it comes to privilege”.
“This just shows more and more how Gemini is programmed with the exact same narratives that our higher education teaches,” an X user posted.
Musk recently accused Google of running “racist, anti-civilisational programming” with its AI models.
“Given that the Gemini AI will be at the heart of every Google product and YouTube, this is extremely alarming,” he had posted earlier this week.
One of his followers commented on his latest post on Google Gemini, saying “just remember who is programming it.
“There’s your problem and your answer. If the left can control the narrative, we will never have honesty again. Truth will be censored or not even added to the database. It will only be left talking points. That’s scary.”
Musk had claimed that a senior Google executive called him after screenshots of Gemini’s response to “misgender” Caitlyn Jenner to avoid a nuclear apocalypse went viral on social media.
Palaniswami also released the party’s election slogan: “Let’s reclaim Tamil rights, Let’s save Tamil Nadu,” on the occasion….reports Asian Lite News
An Artificial Intelligence (AI) generated audio clip of AIADMK’s iconic leader and late Chief Minister J Jayalalithaa seeking support to party General Secretary Edappadi K Palaniswami for the upcoming Lok Sabha election was released by the party on Saturday.
In the AI voice clip, released on her 76th birth anniversary, the former party supremo could be heard recalling the AIADMK government’s welfare initiatives and appealed to the members of the public to strengthen Edappadi K Palaniswami’s hands in establishing “people’s rule.” She repeated her popular catchphrase: “I am because of the people, I am for the people” (Makkalal naan, makkalukkagave naan).
Palaniswami also released the party’s election slogan: “Let’s reclaim Tamil rights, Let’s save Tamil Nadu,” on the occasion.
Annamalai hails Jayalalithaa
Tamil Nadu BJP president K Annamalai on Saturday remembered former Chief Minister J Jayalalithaa on her 76th birth anniversary.
“It is former Chief Minister of Tamil Nadu, J Jayalalitha’s birthday today. The welfare programs implemented by her for the welfare of the people of Tamil Nadu and for the welfare of the society shouts out her fame,” Annamalai said in a post on X.
Earlier AIADMK General Secretary Edappadi Palaniswamy paid tributes to the former Chief Minister J Jayalalithaa.
“Today is the 76th birthday of the Guardian of All India Anna Dravida Munnetra Kazhagam. Whether in government or in politics she served without any compromise, without doing any harm to anyone, with balance, equality and social justice. ..Let us pledge to continue on the path of success shown by her. All of us will pledge that the leaders of our association and the brothers and sisters of the association will work day and night for the election and get a great victory in the coming parliamentary general election and present that victory to the leader of the revolution” Palaniswamy said in his post on X.
“She embraced us all with love, taught us political lessons and guided us. On the birthday of our beloved mother, may we all work tirelessly to achieve great success! Let’s work!. The year 2026 will also be the year of the All India Anna Dravida Munnetra Kazhagam in the state” he added.
Jayalalithaa, fondly called ‘Amma’ by the people of Tamil Nadu, served the state for three terms, 1991-96, 2002-06 and 2011-14 as chief minister.
She had acted in around 130 films. She joined All India Anna Dravida Munnetra Kazhagam (AIADMK) in 1982.
She was made the propaganda secretary of the party in 1983, and a year later she won a seat in the Rajya Sabha. In 1989 Jayalalitha was elected to the state legislative assembly.
She was even imprisoned for a month in 1996 after a raid by authorities seized a large quantity of jewellery, clothing, and shoes from her home.
In 1998, Jayalalithaa brought the AIADMK into the national coalition government of the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA), with which the party has now severed ties.
In September 2014 she was convicted on corruption charges and sentenced to four years in prison. She relinquished her post to O Panneerselvam, who had served as chief minister in 2001-02 when Jayalalitha was not able to hold the office. (ANI)
Three-term TN Cong MLA joins BJP
Ahead of Lok Sabha elections, a three-time Congress MLA from Tamil Nadu, S Vijayadharani on Saturday joined the Bharatiya Janata Party (BJP) at the party’s headquarters in the national capital.
Union Minister of State L Murugan, BJP in charge, who has been given the responsibility of overseeing preparations for Lok Sabha polls in Tamil Nadu and party leader Arvind Menon were present. The party’s co-incharge for the state Ponguleti Sudhakar Reddy was also present.
Earlier in the day, Vijayadharani informed that she resigned from the primary membership of Congress through a post on X.
“I am resigning from the primary membership and related posts held by me in the Congress party,” she said.
She shared her resignation letter addressed to Congress president Mallikarjun Kharge.
Vijayadharani, a three-time legislator, was elected from the Vilavancode Assembly constituency in Tamil Nadu’s Kanyakumari District.
The development is being seen as a blow to Congress ahead of the Lok Sabha polls expected to be held in April-May this year.
The BJP is seeking to strengthen its base in states where it is relatively weak. Congress is part of the ruling DMK-led alliance in Tamil Nadu. (ANI)
AT&T acknowledged that it had a widespread outage but did not provide a reason for the system failure…reports Asian Lite News
A massive outage was reported in the United States on Thursday, after AT&T’s network went down for many of its customers across the country, leaving customers unable to place calls, text or access the internet, CNN reported.
Later in the day, AT&T said that three-quarters of its disrupted network had been restored and it is working to quickly restore the services of all remaining users.
Although Verizon and T-Mobile customers also reported some network outages, those appeared far less widespread. These two firms said their networks were unaffected by AT&T’s service outage and customers reporting outages may have been unable to reach customers who use AT&T.
On Thursday morning, more than 74,000 AT&T customers reported outages on digital-service tracking site DownDetector, with service disruptions beginning around 4 am ET (local time), as reported by CNN.
AT&T acknowledged that it had a widespread outage but did not provide a reason for the system failure.
“Some of our customers are experiencing wireless service interruptions this morning. We are working urgently to restore service to them,” AT&T said in a statement. “We encourage the use of Wi-Fi calling until service is restored.”
By late morning, AT&T said most of its network was back online.
“Our network teams took immediate action and so far, three-quarters of our network has been restored,” the company said. “We are working as quickly as possible to restore service to remaining customers.”
Although AT&T provided no official reason for the outage, the issue appears to be related to how cellular services hand off calls from one network to the next, a process known as ‘peering’, CNN reported, citing an industry source who spoke on the condition of anonymity.
But, there is no indication that Thursday’s outage was the result of a cyberattack or other malicious activity, the industry source said.
As a result of this massive outage, AT&T’s stock fell more than 2 per cent on Thursday, on a day when the market was rocketing higher.
AT&T has encountered sporadic outages over the past few days, including a temporary 911 outage in some parts of the south-eastern United States. Although outages happen from time to time, nationwide, prolonged outages are exceedingly rare.
However, the US Cybersecurity and Infrastructure Security Agency is “working closely with AT&T to understand the cause of the outage and its impacts, and stand[s] ready to offer any assistance needed,” says Eric Goldstein, the agency’s executive assistant director for cybersecurity.
Several local governments also said that AT&T’s outage was disrupting their services.
San Francisco’s Department of Emergency Management said in a statement on X Thursday morning that its 911 centre remained operational, but many AT&T customers were unable to reach the emergency line because of the outage. It suggested people call from a landline or find someone with a rival’s service to dial 911.
The Fire Department in Upper Arlington, Ohio, said the AT&T outage was affecting its fire alarms. St. Joseph County, Michigan, advised residents to use Wi-Fi to place 911 calls if they can’t reach 911 on AT&T’s network
New York Police Department officials told CNN that they were not able to make calls or utilise emails on AT&T phones Thursday morning unless they were connected to Wi-Fi.
Meanwhile, around 1,000 outages were reported by both Verizon and T-Mobile customers, according to DownDetectot website, the two telecom firms said that they are “unaffected.”
“We did not experience an outage,” T-Mobile said in a statement. “Our network is operating normally.”
“Verizon’s network is operating normally,” Verizon said. “Some customers experienced issues this morning when calling or texting with customers served by another carrier. We are continuing to monitor the situation.”
According to CNN, it is almost certain, that the Federal Communications Commission will investigate this week’s incident, multiple experts said.
The FCC requires carriers to report information linked to network disruptions. Fines may be possible in connection with 911 outages, although they aren’t a certainty, said Blair Levin, a telecom policy analyst and another former FCC official. (ANI)
Patel said that he has seen technology and multiple innovations evolve over a period of time….reports Asian Lite News
As generative artificial intelligence (AI) begins to threaten certain jobs, Sandip Patel, Managing Director, IBM India/South Asia, has said that AI will actually create more job options that it destroys.
Speaking to IANS, Patel said that he has seen technology and multiple innovations evolve over a period of time.
“I firmly believe AI will create more jobs than it destroys. People are usually very scared when imagining entirely new jobs. For example, take the Internet, when the Internet came right, and you had web publishing and all things that were web-enabled, it led to job decline in certain sectors like newspaper printing,” he explained.
However, it also resulted in entirely new job categories like web design, data science, digital marketing and web publishing, which employ millions of people, he added.
“So, one of the things which we have been very articulate about and keep harping on is that re-skilling will play a very important role,” Patel stressed.
While 46 per cent of the companies in India are currently training or reskilling employees to work together with automation and AI tools, it leaves room for a lot more to be done.
“This is something that the government clearly recognises,” he said.
When we look at employees within the organisation, 50 per cent say they are excited to work with new AI and automation tools.
“So, the question now is how do you train a vast pool of people? Everyone can’t be a coder or AI developer and so on and so forth. You have to learn to work with these technologies as they evolve,” Patel told IANS.
According to Minister of State for IT and Skill Development Rajeev Chandrasekhar, technological talent, not chip-driven compute power, is the key to India’s progress in AI.
“Talent is a much more fundamental challenge in AI. We need universities to churn out masters and PhDs in AI. Talent is something that keeps me awake at night. The infrastructure pieces will get solved very quickly,” he said at an event last December.
There is a serious need for the tech industry and academic institutions to work along with the governments globally in shaping the future pipeline of talent for AI-related jobs, he stressed.
The initiative will offer economies of scale to marginal fishermen by centralizing their scattered businesses on a shared digital platform for product sales…reports Asian Lite News
With the aim of providing fishermen with an e-market platform, the Department of Fisheries will sign a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) on February 19.
The officials said that the MoU will be signed in the presence of Minister of Fisheries, Animal Husbandry and Dairying Parshottam Rupala and Minister of State for Fisheries, Animal Husbandry and Dairying L Murugan at Krishi Bhawan in the national capital.
E-commerce player Dunzo.(photo:www.dunzo.com/bangalore)
“This essential step will provide a digital platform for fisherfolks, fish farmers producers organisation, entrepreneurs, SHGs, fishermen cooperatives and other relevant stakeholders in the fisheries sector to access wider markets, expanding their reach and potential customer base,” the officials said.
They said that the collaboration between Department of Fisheries and ONDC will facilitate the implementation of technology-driven solutions, improve efficiency, collectivisation and competitiveness of the small scale producers and marketers.
“ONDC is a unique platform of e-marketing and will play a significant role in the fisheries sector to connect maximum FFPOs and other fishermen cooperatives,” they said.
The officials said that by providing a direct channel between producers and consumers, ONDC will support in reducing the reliance on intermediaries, leading to higher profits for fishers and lower prices for consumers.
“This initiative will also provide a scale of economy to the marginal fishermen engaged in scattered business through a common digital platform for their products,” the officials said.
They said that the adoption of digital technical solutions will serve various benefits for fisheries industries like enhanced trust, reduced transaction costs, increased market reach, improved transparency, increased competitiveness, innovation, and employment generation.
“In the long term, the ONDC network will facilitate seamless integration for harnessing the benefits of collectivisation between producers, processors, and distributors within the fisheries sector, enabling efficient supply chain management, value chains and market access,” the officials said.
They said that this collaboration will facilitate capacity building and raise awareness through educational workshops for MSMEs, start-ups, SHGs, small and marginal fishermen, FFPOs, fishers, and market participants in the fisheries sector.
“Open Network for Digital Commerce (ONDC) is incorporated as a Section 8 company, an initiative by DPIIT, Ministry of commerce and industry, aiming at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks,” the officials said.
They said that it has recorded more than 6.3 million transactions in the month of November’23 across 600+ cities. The sellers and service providers are spread across 500+ cities expanding the geographical coverage of the ONDC network.
Presently, over 3000 Farmer Producer Organisations (FPOs) have registered to be a part of the ONDC through various network participants. Also, around 400 Self-Help Groups (SHGs), micro-entrepreneurs and social sector enterprises have been onboarded on the network.
Using a new approach called the CHIPS (connect–harness–innovate–protect–sustain) framework, the report benchmarked the scale and depth of India’s digital transformation with respect to G20 countries as well as for Indian states and UTs…reports Asian Lite News
xxxx
India now ranks as the third largest digitalised country among the G20 nations after US and China, when compared by the aggregate level of digitalisation, a new report showed on Friday, stressing that India’s global ranking significantly improves when the full spectrum and scale of digitalisation is taken into account.
Digitalisation has made dramatic progress but the way it is being measured globally has not.
Most global indices do not completely capture the path of digitalisation adopted by developing countries, according to the ‘State of India’s Digital Economy (SIDE) 2024’ report by the Indian Council for Research on International Economic Relations (ICRIER) and the global consumer internet group Prosus.
“The world does not still truly get how technology has weaved itself into the daily life of Indians, which to me, is the real digital economy. India is truly a digital native country — not just the young that are born to technology, but even the older population take to technology,” said Debjani Ghosh, President, Nasscom, while releasing the report here.
“When you think of the digital economy of India, you should think in terms of the lens of impact and livelihoods,” she added.
Using a new approach called the CHIPS (connect–harness–innovate–protect–sustain) framework, the report benchmarked the scale and depth of India’s digital transformation with respect to G20 countries as well as for Indian states and UTs.
This approach is better suited for developing countries like India as it captures both the opportunities and risks created by digitalisation.
Unlike global indices that focus entirely on the average user, it recognises the scale of the network and breadth of use of technology at the economy-wide level by proposing two separate indices — one to measure digitalisation at the economy-wide level and second at the user-level, the report by ICRIER-Prosus Centre for Internet and Digital Economy (IPCIDE) noted.
“There is a huge amount of work already done in terms of innovation, government support, financial access and skills. As an emerging economy India has truly leapfrogged into the digital age,” said Pramod Bhasin, Chairperson, ICRIER.
India has the world’s second largest internet network with more than 700 million users. It has also seen one of the fastest rollouts of 5G, after its launch in October 2022.
During its G20 presidency, India was recognised as a champion of using digital public infrastructures for large scale delivery of public services. It has issued more than 1.3 billion biometric IDs through the Aadhaar system.
More than 83 billion UPI transactions took place in India in FY2022-23, the highest volume of real-time digital payments for a country, followed by China and Brazil.
“By highlighting the latest thinking on India’s digital transformation and presenting a new approach to measuring digitalisation, the SIDE report can help Indian policymakers make informed decisions,” said Sehraj Singh, Managing Director, Prosus India.
62% of Enterprises Seek Third-Party AI Solutions
xxx
About 62 per cent of enterprises globally plan to rely on third-party providers for generative artificial intelligence (AI) solutions and enhanced technical capabilities, a new report said on Friday.
According to the report by the management consulting company Everest Group, supported by WNS Global Services, there is real transformative potential for gen AI in Customer Experience Management (CXM) operations across industries.
Gen AI’s capacity to create new content in a variety of formats (text, image, video, code and synthetic data), recognise patterns within data, and analyse data and content to deliver relevant insights has the potential to transform CXM processes.
The report discovered that there is a significant awareness of gen AI and its applications across text (75 per cent), code (62 per cent), and image generation (52 per cent) capabilities.
The report surveyed CXM, digital transformation, and innovation leaders from 200 companies across North America, the UK, Europe and Asia Pacific with annual revenues of more than $500 million.
More than 90 per cent of companies recognise its high potential in text generation, with about 70 per cent expressing confidence in its capabilities for code and image generation in CXM.
Enterprises all over the world are proactively investing significant resources in generative AI initiatives, conducting trial projects, and prioritising personnel upskilling to realise its full potential.
According to the report, a notable trend emerged as 14 per cent of firms plan to allocate between $5 to $10 million for gen AI technology within the next 12 to 18 months.
About 60 per cent of companies said that the main areas of help they expect from third-party providers are supporting in-house technical teams, aiding maintenance and troubleshooting activities, and supervising the functioning of gen AI solutions.
Moreover, the report mentioned that about 58 per cent of enterprises said they need significant strategic support from third-party providers in activities such as designing the gen AI adoption strategy and redesigning CXM processes and customer journeys to incorporate gen AI solutions.
However, 52 per cent said they leverage third-party providers to help implement privacy, security and regulatory compliance measures.
Sanjay Jalan of Jalan Telecom said that “realme 12 Pro series redefines the meaning of distant photography. A creator of masterpiece picture quality…reports Asian Lite News
Global technology brand realme on Friday said that its recently-launched realme 12 Pro Series received an overwhelming response, with 150,000 units being sold during the inaugural sale which started on 6th February 2024.
realme recently unveiled the realme 12 Pro Series, the latest entrant in its upscale number series.
“Despite the crowded Indian smartphone market, realme has consistently remained a top player due to its innovative, quality, and value-driven products,” the company said in a statement.
In 2023, realme ranked fifth in the Indian smartphone market for the Rs 20,000-Rs 30,000 price range, holding a 12 per cent share.
The realme 12 Pro Series 5G has made a strong start in the mid-premium segment priced between Rs 25,000-Rs 35,000, with over 150,000 pre-bookings across all platforms. Unique features like luxury watch-inspired designs and top-quality periscope telescopic lenses show realme’s focus on a high-end user experience,” said the company.
Sanjay Jalan of Jalan Telecom said that “realme 12 Pro series redefines the meaning of distant photography. A creator of masterpiece picture quality!”
This latest realme number series brings new features, stylish design collaborations, and powerful hardware. High-end features like a high-refresh-rate display and efficient charging technology improve user experience and make these phones competitive in their markets.
The growing demand for value-driven, feature-packed devices has boosted the mid-premium segment in India’s smartphone market. This sector offers great value with high-end feel and performance at a lower cost than top-tier options.
This success sets a strong base for realme to further grow in the mid-market segment. As one of India’s fastest-growing brands, realme’s steady growth shows its commitment to quality and ability to meet customer needs.
realme’s focus on the younger generation aligns their tech with evolving needs. Their ‘refresh strategy’ for 2024 aims to keep up with changing tastes of young India.
“realme’s 12 Pro series epitomizes innovation and consumer centricity reaffirming their leadership in the smartphone industry,” said Ashutosh Tekriwal of Rani Sati Enterprises, one of realme’s distribution partners.
realme said it is doing more than just making gadgets. They’re investing in the Indian tech scene, including setting up an R&D centre, to boost innovation and creativity. By supporting ‘Make in India’, they’re creating jobs and strengthening their ties to the Indian market.
The realme 12 Pro Series 5G brings two notable smartphones to the fore: the realme 12 Pro+ 5G and the realme 12 Pro 5. These fresh additions are branded as the Next-gen Imaging smartphones that showcase a rejuvenated brand identity that strikes a chord with younger users.
The high-end design and flagship camera of the realme 12 Pro Series 5G empower young individuals to unleash their creativity and record moments in unparalleled quality and flair.
With each new model in the Number series, realme boldly explores diverse design concepts and aesthetics, stretching the limits of innovation to provide users with a vibrant and engaging visual experience. By incorporating features such as periscope telephoto cameras and premium imaging experiences, realme is establishing a fresh benchmark for affordable, high-end camera functionalities.
“Featuring a blend of style, performance, and camera capabilities, the realme 12 Pro 5G offers a compelling option. An appealing package includes its unique design, vibrant display, durable battery, and efficient charging,” said Saurav Bhattacharya of RG Cellulars Pvt. Ltd. “It is an excellent choice for those who are looking for a powerful smartphone with great specs and features.”
The 12 Pro Series 5G, characterized by designs inspired by luxury watches, is pioneering new territory in smartphone aesthetics. Through partnerships with esteemed designers, realme guarantees a blend of sophistication and innovation in every device.
realme said it is planning its growth around the expected rebound of the Indian smartphone market in 2024. The quick uptake of 5G technology and increasing demand for value-for-money products are key factors in this revival.
Even with global economic changes and rising prices, Indian consumers are looking for better value in their smartphone choices, showing a clear trend towards higher-quality products.
“realme’s success comes from its dedication to making products that match the tastes of young Indian customers. The brand aims to do more than just make phones; they want to create devices that truly resonate with their users,” said the company.
The next stage is to approach the government for funds and also establish the mechanism for development along with the private industry….reports Asian Lite News
The project report for the next generation rocket has been submitted by the project team and the next stage is to seek government funds, said S. Somanath, Chairman, Indian Space Research Organisation (ISRO).
He also said internal discussions are on about the next moon mission – Chandrayaan-4 as to what it should achieve differently that was not done by others.
Speaking to the reporters here after the successful orbiting of the country’s latest weather satellite INSAT-3DS Somanath said: “The project team of the Next Generation Launch Vehicle (NGLV) has submitted its report.”
The project team has also estimated the cost. The next stage is to approach the government for funds and also establish the mechanism for development along with the private industry.
The rocket design work is underway. The next generation rocket will be partially reusable and will have a carrying capacity of about 10 tonnes to Geosynchronous Transfer Orbit (GTO).
Currently, ISRO’s heaviest rocket LVM3 has a carrying capacity of four tonne. Queried about the next Moon mission, Somanath said it has to achieve something new that was not done earlier by others, say “bringing a lunar sample back using a robot”.
“It will be a complex rocket and high-end technology is being developed. We are working on some novel design,” he said while underlining the requirement for funds. Somanath, however, ruled out categorically that India-US collaboration earth observation satellite NASA-ISRO Synthetic Aperture Radar (NISAR) will be used for surveillance.
He said the NISAR will be used only for earth observation and focus will be on the Earth as a system. As to the status of other weather satellites like INSAT-3D and INSAT-3DR, Somanath said the INSAT-3D launched in 2013 will be put to a different use.
On the status of the country’s human space mission, Somanath said 2024 will be the year of Gaganyaan for ISRO as it will be carrying out various tests and other activities to realise the country’s manned space mission in 2025.
Somanath said ISRO will be carrying out two more abort missions in 2024. Last year, the space agency carried out the first Flight Test Vehicle Abort Mission-1 (TV-D1) to demonstrate the crew escape system.
One test vehicle is ready. According to him, ISRO will carry out two unmanned missions, helicopter drop test, launchpad abort tests and several others.
SoftBank may infuse $30 billion and can raise $70 billion from investment firms in the Middle East, reports Bloomberg, citing sources….reports Asian Lite News
As the generative AI race heats up, SoftBank Founder and CEO Masayoshi Son is reportedly aiming to raise about $100 billion for his AI venture, in a bid to take on graphics chip giant Nvidia.
SoftBank may infuse $30 billion and can raise $70 billion from investment firms in the Middle East, reports Bloomberg, citing sources.
The AI venture would complement the business of UK chip designer Arm, in which SoftBank has a 90 per cent stake after its IPO.
Arm’s shares went up this week after Nvidia disclosed it had acquired a $147.3 million stake in the SoftBank-backed firm.
Arm was acquired by SoftBank for $32 billion in 2016. SoftBank failed to sell it for $40 billion to Nvidia in 2022 amid regulatory hurdles. Softbank’s Son is not alone in the race to build a next-generation AI venture with billions of dollars.
According to a latest report in the Wall Street Journal, OpenAI Co-founder and CEO Sam Altman is in talks with investors, including the UAE government, to raise funds for a tech initiative that would boost the world’s chip-building capacity.
“The project could require raising as much as $5 trillion to $7 trillion,” the report mentioned, citing sources. Altman has often said there aren’t enough high-end GPUs to power OpenAI’s quest for AI. Global sales of chips were $527 billion last year and are expected to rise to $1 trillion annually by 2030.
