Investment powerhouse BlackRock is set to launch a massive AI-focused fund, exceeding $30 billion, in collaboration with Microsoft and the Abu Dhabi-backed investment outfit MGX, the FT reported today.
According to the outlet, the fund — among Wall Street’s largest — will focus on creating data centers and funding energy infrastructure to support AI. Chip giant Nvidia is also reportedly contributing its expertise around the already onerous energy demands of AI technologies, which are only expected to grow.
BlackRock is launching the fund with Global Infrastructure Partners (GIP), which BlackRock agreed to acquire for $12.5 billion in a deal back in January. GIP is now BlackRock’s infrastructure investment unit.