BlackRock and Microsoft have just announced plans to launch a joint fund worth a whopping $30 billion. The goal? Invest in artificial intelligence (AI) infrastructure, meaning building data centers and energy projects that will fuel the development of new technology.
BlackRock and Microsoft join forces
BlackRock, which has BTC and ETH ETFs in its portfolio, is launching a Global Infrastructure Partners fund. The project partners are Microsoft and MGX, an investment company backed by Abu Dhabi.
The country and the world will need more capital investment to accelerate the development of the AI infrastructure needed. This kind of effort is an important step
– said Brad Smith, CEO of Microsoft, on Tuesday.
The fund is therefore responding to growing demand for AI products. However, growing adoption means that more energy needs to be supplied to the new technology.
The latter connects with what BlackRock recently announced. The company said the energy sector is growing in importance. Or, more precisely, it’s the sector that could grow in the coming years. CEO Larry Fink wrote in a note to investors earlier this year that “in nearly 50 years in finance, I’ve never seen greater demand for energy infrastructure” than now.
Microsoft is working in the field of AI
BlackRock’s AI project isn’t the first time Microsoft has shown interest. Earlier this year, the tech giant agreed to back a $10 billion renewable energy venture backed by Brookfield Asset Management. The company, founded by Bill Gates, has pledged to cover 100% of its energy consumption with renewable energy by 2030.
And indeed, the energy market has bright years ahead. Energy will no longer be needed only to develop the economy we know today. It will be necessary to power the ever newer AI systems that will constitute the economy of the 21st century. However, all this will cost money. Hence, probably, the move by BlackRock and Microsoft.
