Mentioned:
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Is the future of artificial intelligence startups going to be built in New Jersey? That’s exactly what Microsoft is betting on.
What’s happening:
- Microsoft (NASDAQ: MSFT) and CoreWeave are leading a $72M USD investment into a new collaboration with Princeton University and New Jersey’s Economic Development Authority to establish the New Jersey AI Hub
The big idea:
- The New Jersey AI Hub is aiming to be a startup accelerator and research and development centre for incubating new artificial intelligence technology
- Microsoft and CoreWeave will provide access to leading edge technology, computing power and strategic support to new projects being incubated within the New Jersey AI Hub
Why it matters:
- This is one of the first large scale deals between a publicly listed company and a private academic institution for accelerating artificial intelligence technology
Going deeper:
- CoreWeave has been raising capital at a blistering pace, previously raising billions of dollars in a mega financing round as well as beginning construction on next leading edge data centres in partnership with Core Scientific (NASDAQ: CORZ)
