Saudi Arabia is taking a significant leap forward in the field of Artificial Intelligence (AI) with a groundbreaking investment plan estimated at around $40 billion, as reported by the New York Times. This ambitious announcement comes amidst a global focus on advancing AI technologies, highlighted by Nvidia's developer conference in San Jose, California, themed "for the era of AI".
This investment plan positions Saudi Arabia as one of the most prominent global players in AI funding, overshadowing leading spenders like the USA. In the year 2023, the USA invested approximately $68 million in AI, with a cumulative expenditure of $328.5 million between 2019 and 2023, as reported by AIPR. Comparatively, China allocated $15 million towards AI in 2023, a significant drop from their previous investments, totaling $132.6 million over the 2019-2023 period, according to AIPR.
Beyond the USA and China, the United Kingdom emerges as the third largest investor in AI, allocating $25.5 million between 2019 and 2023. In a move to boost AI research and development, the UK government disclosed plans to invest over $125 million (£100 million) in establishing nine new AI research hubs, showcasing a commitment to fostering innovation in the field.
With such substantial investments from countries like Saudi Arabia, the landscape of AI research and development is set to witness unprecedented growth and transformation, paving the way for groundbreaking advancements and technological breakthroughs in the near future. Saudi Arabia's foray into AI with this monumental investment underlines its strategic vision to harness the power of AI for economic progress and technological innovation on a global scale.
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