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White House announces billion dollar investment in AI and quantum computing

(Image credit: Image source: Shutterstock/PHOTOCREO Michal Bednarek)

The United States government and private sector partners are joining forces (and funds) to propel the country's artificial intelligence (AI) research forward, in a bid to stay competitive in the global market, the Wall Street Journal has reported.

According to the report, a total of $1 billion will be invested over the course of the next five years, into 12 new research institutes specializing in AI and quantum information sciences.

The National Science Foundation, the U.S. Department of Agriculture and “other federal agencies” will invest $140 million into seven institutes working on AI, while the Energy Department will invest $625 million into five institutes focus on quantum sciences.

IBM, Microsoft, and “other companies” will also contribute $300 million of their own funds to the cause, it was added.

“It is absolutely imperative the United States continues to lead the world in AI and quantum,” said Michael Kratsios, US Chief Technology Officer.

“The future of American economic prosperity and national security will be shaped by how we invest, research, develop and deploy these cutting edge technologies today.”

Artificial intelligence, together with 5G and blockchain are considered the next big battlegrounds in the global technology race.

Over the next four years, businesses worldwide will spend double the amount of money on artificial intelligence (AI). A recent report from analyst house IDC claims global spending will exceed $110 billion in 2024, up from $50.1bn today.