Artificial intelligence was at the heart of discussions at the Future Investing Initiative (FII) in Miami, where participants discussed its challenges amid investor enthusiasm for the technology.
It is the second time the FII "Priority" summit has been held in Miami, US, under "On the Edge of a New Frontier."
About 1,000 attendees at the summit discussed technologies, promoting innovation to invest and improve civil societies, harmoniously integrating technical developments in advanced AI, robotics, healthcare, finance, and sustainability.
Central to the summit's goals is to connect the two Americas to global markets and address critical challenges for a prosperous future in light of Miami's dynamic entrepreneurship and vibrant corporate scene.
PIF Governor
Saudi Public Investment Fund (PIF) Governor and Chairman of FII Institute Yasir al-Rumayyan stressed during a panel session at the summit opening on Thursday that the Kingdom is well positioned to be a significant global hub for AI and related industries.
Rumayyan explained that it has many competitive advantages to achieve this goal, including its leadership in clean energy resources, political determination, funding capabilities, and human competencies.
He also addressed PIF's strategy, saying that more than 70% of its investments are local and directed towards the Kingdom's economy, while the public share of international investments has declined to less than 25%.
Rumayyan explained that PIF investments mainly target new sectors under its goal to make a long-term impact by being the economic driver of the transformation journey within Vision 2030, which is distinguished from other international strategic plans by its success in achieving many of its goals before their set timelines.
"The fund invests between $40 billion to $50 billion annually, which will continue until 2025. We look at our investments in the Kingdom and their impact on the gross domestic product, job creation, and local content increase."
"We are looking forward to increasing local revenues generated from investments as per the framework to create a sustainable impact on the Saudi economy and realize the targets of Vision 2030," he said.
On the fund's international investments, Rumyyan said their value continues to rise in terms of volume despite a decline in their percentage compared to local investments.
He pointed out that investments in the US market amount to 40% of the fund's total international investments in the form of investments or purchases, which amounted to more than $100 billion between 2017 and the end of 2023.
Meanwhile, Nvidia's total revenue rose 265% from a year ago, based on solid sales for server AI chips, amounting to $22.1 billion in the fourth quarter. The company is anticipating stronger sales thanks to growing spending on artificial intelligence.
Blackstone
Stephen Schwarzman, co-founder and CEO of Blackstone and an early supporter of AI, was one of several executives at the summit.
He highlighted the ethical implications of artificial technology, warning that countries and leaders need to come together on AI to prevent its misuse.
Schwarzman said he wondered about the "astonishing power of AI" and its effect on the human condition.
He stressed that AI will likely impact society and humanity, especially healthcare.
Accenture
Accenture CEO Julie Sweet said that AI has the potential to bridge North-South divides, exploring the far-reaching impact of AI on addressing global challenges in a panel discussion titled "FII Priority Compass: What matters most to citizens?"
She said: "The question is how much AI can help the Global South and the countries that need help through precision farming, through telemedicine and better healthcare."
Sweet highlighted Saudi Arabia's proactive stance in utilizing artificial intelligence to achieve societal progress and stressed the importance of global cooperation in harnessing the potential of artificial intelligence to address complex issues.
"One of the things that's been great to see is Saudi Arabia taking the lead in many places to think through how AI can help and how can they be a leader," she said, adding, "I think it's really important to always stay focused on what are the opportunities with AI to solve the world's problems."
She also highlighted the efforts of organizations such as the United Nations and stressed the urgent need to understand how to harness technology to avoid widening disparities.
"Regulation needs to be the outcome of a very strong public-private partnership because most governments in the world don't have the access or the talent inside to know it," Sweet said, adding that there have been a few successful examples of governments balancing innovation and safety.
She added: "That's one of the most important things governments must do, particularly because the technology is changing rapidly. And I think the good news is that everyone has agreed that some regulation is needed."
Regarding the AI-related risks in the upcoming US elections, Sweet warned against relying solely on government regulation.
She called for increased cooperation between private entities.
The second and final day of the summit discussed topics related to finance, venture capital, IPO markets, innovation, and others.
