Saudi Arabia spent years investing in global tech firms. Its domestic AI push hopes they'll return the favor. [Business Insider]
Uber Technologies, Inc. (UBER)
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Source: Business Insider
The kingdom plans to develop AI data centers, startups, and more with the help of foreign companies. In his ascendance to power, Mohammed bin Salman spent years investing Saudi Arabia's oil money in the global tech sector. The crown prince's kingdom appears to be ready for some of that favor to be returned. Rather than prioritizing investments in overseas tech companies, Saudi Arabia is looking to them to bring investment and resources to the Middle East as it seeks to capitalize on the AI boom and become a force of its own in the rapidly growing sector. The latest signs of this shift came on Wednesday after Bloomberg reported that Saudi Arabia had plans for an up to $100 billion AI project that aims to not only prioritize the local tech industry but also encourage large tech companies to "put resources in the country." "Project Transcendence," as it is known, aims to make Saudi Arabia a place with all the components needed to advance AI: data centers housing the GPUs that tr
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UBER
Earnings
- 10/31/24 - Beat
UBER
Sec Filings
- 11/12/24 - Form SC
- 11/7/24 - Form 144
- 10/31/24 - Form 10-Q
- UBER's page on the SEC website