Bezos raising $100B to buy industrial firms and upgrade them with AI
Bezos raising $100B to buy industrial firms and upgrade them with AI: report
Amazon (AMZN) founder Jeff Bezos is in the process of raising $100B for a new fund intended to buy up manufacturing and industrial businesses and then upgrade them with artificial intelligence tools, according to The Wall Street Journal.
The fund was described as a "manufacturing transformation vehicle," and it intends to buy companies involved in chipmaking, defense, and aerospace, the report said. Bezos has recently traveled to the Middle East and Singapore in his fundraising efforts, according to people familiar with the situation.
Late last year, Bezos created an AI startup called Project Prometheus, in which he will serve as co-chief executive. The company is focusing on AI, which will help in engineering and manufacturing in several fields, including computers, aerospace, and automobiles. It started with $6.2B in funding, partly from Bezos, making it one of the most well-financed early-stage start-ups in the world. It also marked Bezos' first major management role since he retired as Amazon's CEO in 2021.
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Project Prometheus is among various companies focused on applying AI to physical tasks, including robotics, drug design, and scientific discovery. Bezos has also invested in Physical Intelligence, a start-up applying AI to robots.
https://www.msn.com/en-us/money/companies/bezos-raising-100b-to-buy-industrial-firms-and-upgrade-them-with-ai-report/ar-AA1Z008h
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Tried to get the no paywall version from the WSJ but no luck. Maybe one of you no paywall wizards can do so.
I'm sure all the Amazon/Prime subscribers who also hate billionaires would like to comment.
= new reply since forum marked as read
