In a bid to attract more AI investment to the country, India is hosting a four-day AI Impact Summit this week attended by executives from major AI labs and big tech, including OpenAI, Anthropic, Nvidia, Microsoft, Google and Cloudflare, as well as heads of state.
The event, which expects 250,000 visitors, will see Alphabet CEO Sundar Pichai, OpenAI CEO Sam Altman, Anthropic CEO Dario Amodei, Reliance Chairman Mukesh Ambani and Google DeepMind CEO Demis Hassabis.
Indian Prime Minister Narendra Modi is scheduled to deliver a speech with French President Emmanuel Macron on Thursday.
Here are all the key updates from the event:
- India is affected $1.1 billion for its state-backed venture capital fund. The fund will invest in artificial intelligence and advanced manufacturing startups across the country.
- OpenAI CEO Sam Altman said India accounts for more than 100 million ChatGPT users active per weekjust behind the United States. He also said that Indians also account for the largest number of students using ChatGPT.
- Blackstone acquired majority stake in Indian AI startup Neysa in deal A fundraising of 600 million dollars. Teachers’ Venture Growth, TVS Capital, 360 ONE Asset and Nexus Venture Partners also invested. The company now plans to take on an additional $600 million in debt and deploy more than 20,000 GPUs.
- Bengaluru-based C2i, which builds a power solution for data centers, has raised $15 million in Peak XV Series A roundwith the participation of Yali Deeptech and TDK Ventures.
- HCL CEO Vineet Nayyar said Indian IT companies will focus on profit generation and not job creation. These comments arise as Indian IT stocks fall as fears of AI disrupting the IT services sector grow.
- Vinod Khosla, founder of Khosla Ventures, said sectors such as IT services and BPO (Business Process Outsourcing) could “almost disappear” within five years because of AI. He said Hindustan Times that 250 million young people in India are expected to sell AI-based products and services to the rest of the world.
- AMD partners with Tata Consultancy Services (TCS) to develop Rack-scale AI infrastructure based on AMD’s “Helios” platform.
- Anthropic announced the opening of its first office in India, in the city of Bangalore. The company said the country is Claude’s second-largest user after the United States.