MGX was formed in Abu Dhabi earlier this year to address this problem and develop AI infrastructure. In addition to investing in AI technologies and startups, the company is also focused on building AI infrastructure like data centers, fostering partnerships between technology firms, research institutions and governments, and providing education and technical training for AI research professionals.
“Installed data center capacity today exceeds 70 gigawatts. Over the next 10 to 15 years, this number is expected to reach 300 gigawatts. Currently, 1 gigawatt costs about $30 billion to $35 billion, making this level of spending unprecedented in both scope and scale,” Ahmed Al Idrissi, CEO of MGX, told The National at the deal signing ceremony in Washington, DC.
“Even hyper-scalers today are spending around $200 billion to $250 billion annually on infrastructure, but they can no longer sustain this level of expenditure moving into the next decade. Therefore, we have come together to create an investment vehicle that can help bear some of this burden and offer infrastructure delivery as a service to various players across the market,” he added.
MGX’s founding partner is G42, a technology holding company that has previously partnered with Microsoft and along with Cerebras has built what it claims is the fastest supercomputer in the world at 36 Exaflops.
