BlackRock and Microsoft to launch $30 billion fund to address AI energy needs

BlackRock is preparing to launch an artificial intelligence investment fund of more than $30 billion with tech giant Microsoft to build data centres and energy projects to meet the growing demand for artificial intelligence, according to people familiar with the matter. BlackRock will launch the fund with Global Infrastructure Partners, its new infrastructure investment arm, in what will be one of the largest investment vehicles ever on Wall Street. Microsoft and Abu Dhabi-backed investment firm MGX are general partners in the fund. Chipmaker Nvidia will provide expertise, the people said. The investment vehicle is designed to address the staggering power and digital infrastructure needs of building artificial intelligence products, which are expected to face severe capacity bottlenecks in the coming years, according to people familiar with the matter. Artificial intelligence's computing power requires more energy than previous technological innovations and strains existing energy infrastructure.