Saudi Aramco Unveils New Initiatives to Drive Digital Development

Saudi Aramco unveiled on Tuesday new initiatives aimed at driving the development and deployment of advanced digital solutions across its operations. (SPA)
Saudi Aramco unveiled on Tuesday new initiatives aimed at driving the development and deployment of advanced digital solutions across its operations. (SPA)
TT
20

Saudi Aramco Unveils New Initiatives to Drive Digital Development

Saudi Aramco unveiled on Tuesday new initiatives aimed at driving the development and deployment of advanced digital solutions across its operations. (SPA)
Saudi Aramco unveiled on Tuesday new initiatives aimed at driving the development and deployment of advanced digital solutions across its operations. (SPA)

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, unveiled on Tuesday new initiatives aimed at driving the development and deployment of advanced digital solutions across its operations.

They were announced during the Global AI Summit (GAIN), which began at the King Abdulaziz International Conference Center in Riyadh.

Aramco's Executive Vice President of Technology & Innovation, Ahmad Al-Khowaiter, said: “New digital technologies such as generative AI and the Industrial Internet of Things are expected to transform not only how we work, but also our commercial environment.”

“Aramco is pioneering the use of these technologies at an industrial scale to add significant value across our operations. Our history of innovation inspires us to continue harnessing emerging technologies and help realize the Kingdom’s ambitions to become a global AI leader,” he added.

During the Global AI Summit, Aramco signed memoranda of understanding (MoUs) with Cerebras Systems and FuriosaAI to explore collaboration in supercomputing and AI. Another MoU with Rebellions focuses on the potential deployment of the company’s Neural Processing Unit chips in Aramco’s data centers to enhance digital infrastructure and drive advanced AI innovations.

Aramco also signed an MoU with SambaNova Systems to explore ways to accelerate AI capabilities, innovation, and adoption across the Kingdom.

In addition, Aramco announced the deployment of an AI supercomputer, one of the first systems of its kind in the region. Powered by some of the most powerful NVIDIA graphical processing units (GPUs), it is designed to accelerate complex computing tasks, such as analyzing drilling plans and geological data to recommend optimal well placement.

Aramco has also collaborated with Qualcomm Technologies on the initial deployment of industrial generative AI solutions on the edge, aimed at enhancing facility monitoring, predictive maintenance, and the use of autonomous drones.

These initiatives are part of Aramco’s broader strategy to adopt cutting-edge digital solutions across its business. This builds on the company’s launch of the Saudi Accelerated Innovation Lab (SAIL) — a national engine to transform innovative ideas into fully functional products — and its Global AI Corridor ecosystem.

Aramco’s approach has led to the creation of its first large language model (LLM) for industrial AI applications and the launch of the Eye on AI Program, which aims to establish robust AI cybersecurity governance, equip users with essential cybersecurity skills, and adapt to the rapidly evolving digital landscape.



OpenAI to Raise $40 Billion to Boost AI Efforts

A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. (Reuters)
TT
20

OpenAI to Raise $40 Billion to Boost AI Efforts

A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. (Reuters)

OpenAI said on Monday it would raise $40 billion in a new funding round led by SoftBank Group at a $300 billion valuation to advance AI research, expand computational infrastructure and enhance its tools.

SoftBank would provide 75% of the funding, according to a person familiar with the matter, with the remainder coming from Microsoft, Coatue Management, Altimeter Capital and Thrive Capital.

OpenAI said it looks to deliver increasingly powerful tools for the 500 million people who use ChatGPT every week.

Investor enthusiasm for the artificial intelligence sector has surged significantly in recent years, driven by widespread adoption of chatbots and the emergence of sophisticated AI agents.

Enterprises have integrated AI solutions to streamline their operations and enhance customer experiences, while venture capital firms compete to back promising AI startups.

San Francisco-based OpenAI had closed a $6.6 billion funding round in October, which valued the company at $157 billion. The new funding round would nearly double the valuation of the AI startup.

"OpenAI has very ambitious plans on many fronts and needs a lot of capital to achieve these goals," D.A. Davidson & Co analyst Gil Luria said.

"The list of investors wanting to support that scope has shrunk and may be largely limited to SoftBank, which itself may not have the necessary capital."

OpenAI is partnering with SoftBank and Oracle to establish a network of data centers under the $500-billion Stargate project, aimed at powering artificial intelligence workloads in the United States.

Microsoft-backed OpenAI also plans to revamp its structure, saying it would create a public benefit corporation to attract more investment and resources while balancing shareholder interests with public benefits.

OpenAI must transition to a for-profit company by the end of the year to secure the full $40 billion funding led by SoftBank, a person familiar with the matter told Reuters on Friday.

With the latest funding, OpenAI will join the ranks of the most valuable private companies, such as SpaceX, China's ByteDance and Stripe.