BlackRock, Microsoft, Nvidia team up to launch $30B AI infrastructure fund
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2 days ago
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- BlackRock (NYSE:BLK) is planning a more than $30B artificial intelligence investment fund with Microsoft (NASDAQ:MSFT) to build data centers and energy projects to fill the growing demand for AI, according to a media report.
- BlackRock (BLK) is forming what would be one of the biggest investment vehicles ever raised on Wall Street through Global Infrastructure Partners, the Financial Times reported, citing people briefed on the matter. The fund marks GIP’s first big fund since the group agreed to be acquired by BlackRock (BLK) earlier this year. That deal is expected to close in October.
- Abu Dhabi-backed investment company MGX and Microsoft (MSFT) are general partners in the fund, and Nvidia (NASDAQ:NVDA) is providing expertise, they said.
- The prospective fund is the newest to address the huge demand for power expected by the AI sector. Earlier in 2024, Microsoft (MSFT) agreed to support $10B in renewable electricity projects built by Canada’s Brookfield Asset Management (BAM).
- BlackRock (BLK) stock rose 0.2%, Microsoft (MSFT) increased 0.2%, and Nvidia (NVDA) stock ticked down 0.1% in Tuesday after-hours trading.