Temasek Joins $100 Billion AI Infrastructure Partnership with Microsoft, BlackRock, and MGX
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Temasek joins Microsoft, BlackRock and MGX to develop AI infrastructure
SINGAPORE, June 12 (Reuters) - Temasek has joined a consortium backed by Microsoft (MSFT.O), opens new tab, BlackRock (BLK.N), opens new tab and tech investment company MGX to invest and expand artificial intelligence infrastructure, according to BlackRock's investor day presentation slides on Thursday. The Singapore state investment company has joined AI Infrastructure Partnership, a group that also includes BlackRock's Global Infrastructure Partners, the slides showed. AIP, formed in September with a goal to initially invest more than $30 billion in AI-related projects, is one of the world's largest efforts to invest in data centres and energy facilities needed to power AI applications such as ChatGPT. It aims to mobilise up to $100 billion including debt financing for such investments, which will focus on the United States. Temasek's participation comes after the Kuwait Investment Authority joined AIP earlier in June. The sovereign wealth fund of Kuwait was the first non-founder financial anchor investor to join the consortium, which also counts partners including Nvidia (NVDA.O), opens new tab and billionaire Elon Musk's xAI. "Temasek's investment in the AI Infrastructure Partnership reflects our focus on the big shifts and trends of the future," Ravi Lambah, Temasek's head of strategic initiatives, said in an email to Reuters. "AI is potentially the most transformative and impactful technology for all sectors and businesses," he added. Temasek did not disclose financial details of the investment. The global investment company had a net portfolio value of S$389 billion ($304 billion) as of March 31, 2024, according to its website. ($1 = 1.2804 Singapore dollars) Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial Intelligence Yantoultra Ngui Thomson Reuters Yantoultra Ngui is the Southeast Asia Deals Correspondent of Reuters in Singapore, covering M&A and capital market activities in a region that is fast emerging as one of the world's biggest economies. He previously was a reporter at Bloomberg and The Wall Street Journal (WSJ). Notably, he was part of WSJ's team that covered the financial scandal at Malaysian state fund 1MDB, and that won SOPA Excellence in Breaking News award for the coverage of the assassination of Kim Jong Nam, the half-brother of North Korea's leader Kim Jong Un, in Malaysia in 2018. Yantoultra graduated with an MBA in Finance from Universiti Putra Malaysia (UPM) in 2010.
[2]
Temasek joins Microsoft, BlackRock and MGX to develop AI infrastructure
Temasek has joined the AI Infrastructure Partnership, a $100 billion initiative backed by Microsoft, BlackRock, MGX, and others to fund AI infrastructure in the US The group aims to expand data centers and energy facilities supporting AI applications like ChatGPT. Financial terms of Temasek's investment remain undisclosed.Temasek has joined a consortium backed by Microsoft, BlackRock and tech investment company MGX to invest and expand artificial intelligence infrastructure, according to BlackRock's investor day presentation slides on Thursday. The Singapore state investment company has joined AI Infrastructure Partnership, a group that also includes BlackRock's Global Infrastructure Partners, the slides showed. AIP, formed in September with a goal to initially invest more than $30 billion in AI-related projects, is one of the world's largest efforts to invest in data centres and energy facilities needed to power AI applications such as ChatGPT. It aims to mobilise up to $100 billion including debt financing for such investments, which will focus on the United States. Temasek's participation comes after the Kuwait Investment Authority joined AIP earlier in June. The sovereign wealth fund of Kuwait was the first non-founder financial anchor investor to join the consortium, which also counts partners including Nvidia and billionaire Elon Musk's xAI. "Temasek's investment in the AI Infrastructure Partnership reflects our focus on the big shifts and trends of the future," Ravi Lambah, Temasek's head of strategic initiatives, said in an email to Reuters. "AI is potentially the most transformative and impactful technology for all sectors and businesses," he added. Temasek did not disclose financial details of the investment. The global investment company had a net portfolio value of S$389 billion ($304 billion) as of March 31, 2024, according to its website.
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Singapore's Temasek has joined the AI Infrastructure Partnership, a consortium backed by tech giants and investment firms, to develop and expand AI infrastructure in the United States.
Temasek Joins AI Infrastructure Consortium
Singapore's state investment company, Temasek, has joined the AI Infrastructure Partnership (AIP), a consortium backed by tech giants and investment firms, to develop and expand artificial intelligence infrastructure 12. This move signifies a major boost to the global effort in building the foundation for advanced AI technologies.
Source: Reuters
The AI Infrastructure Partnership
The AIP, formed in September, initially aimed to invest more than $30 billion in AI-related projects. With Temasek's participation, the consortium now aims to mobilize up to $100 billion, including debt financing, for investments primarily focused on the United States 1. The partnership includes notable members such as:
- Microsoft
- BlackRock and its Global Infrastructure Partners
- MGX (tech investment company)
- Nvidia
- Elon Musk's xAI
Investment Focus and Objectives
The consortium's primary objective is to invest in data centers and energy facilities crucial for powering AI applications like ChatGPT 1. This initiative represents one of the world's largest efforts to develop the infrastructure necessary for advanced AI technologies.
Recent Developments
Temasek's participation follows the recent addition of the Kuwait Investment Authority to the AIP earlier in June 1. The Kuwaiti sovereign wealth fund became the first non-founder financial anchor investor to join the consortium, further strengthening its global reach and financial capabilities.
Temasek's Perspective
Ravi Lambah, Temasek's head of strategic initiatives, emphasized the significance of this investment, stating, "Temasek's investment in the AI Infrastructure Partnership reflects our focus on the big shifts and trends of the future" 1. He further added, "AI is potentially the most transformative and impactful technology for all sectors and businesses" 2.
Financial Details
While the exact financial details of Temasek's investment remain undisclosed, the company's participation is notable given its substantial portfolio. As of March 31, 2024, Temasek reported a net portfolio value of S$389 billion (approximately $304 billion) 1.
Implications for AI Development
This massive investment initiative underscores the growing importance of AI infrastructure in the tech industry. By focusing on expanding data centers and energy facilities, the AIP aims to create the necessary foundation for the next generation of AI applications, potentially accelerating advancements in the field.
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