According to PANews, Saudi Arabia has announced plans to establish a $40 billion investment fund focused on the artificial intelligence (AI) sector. The fund will target AI-related startups, chip manufacturers, and expanding data centers. Saudi Arabia's strategic plan is expected to be implemented in the second half of 2024. If successfully established, this fund will make Saudi Arabia one of the world's largest AI investors. In addition, Saudi Arabia's sovereign wealth fund, PIF, is considering setting up an office in Silicon Valley in collaboration with renowned venture capital firm Andressen Horowitz. This move aims to facilitate better investment operations in the technology innovation hub.