The world’s fourth-largest company, Google owner Alphabet, has announced a £5bn ($6.8bn) investment in UK artificial intelligence (AI).
The money will be used for infrastructure and scientific research over the next two years — the first of several massive US investments unveiled ahead of US President Donald Trump's state visit.
Google’s president and chief investment officer, Ruth Porat, told BBC News in an exclusive interview that there are 'profound opportunities in the UK' for its 'pioneering work in advanced science'.
The company is set to officially open a $1bn (£735m) data center in Waltham Cross, Hertfordshire, with Chancellor Rachel Reeves on Tuesday.
The investment will not only expand this site but also provide funding for London-based DeepMind, managed by British Nobel Prize winner Sir Demis Hassabis, which uses AI to revolutionize advanced scientific research.
Porat stated there is 'now a US-UK special technology relationship,' indicating that while there are risks to mitigate, there are also tremendous opportunities in economic growth, social services, and advancing science.
She highlighted the government’s AI Opportunities Action Plan as a catalyst for this investment, though further efforts are needed to fully capitalize on the AI boom.
Further multi-billion-dollar investments from US firms are anticipated in the 24 hours leading to Trump's visit, as the pound strengthens amid expectations of interest rate adjustments and influxes of US investment.
On Monday, Alphabet became the fourth company to surpass a $3 trillion valuation, joining tech giants like Nvidia, Microsoft, and Apple. Following a recent US court ruling that favored Google's market integrity, the company's share price has surged.
Porat discussed the integration of energy efficiency within AI operations, emphasizing a commitment to carbon-free energy as Google enters the renewable energy landscape in the UK.
She also addressed the AI jobs challenge, stating that while AI may induce some workforce shifts, it is simultaneously creating new job opportunities, particularly in fields like nursing and radiology.
'AI will collaborate with people rather than replace them,' Porat affirmed, encouraging individuals to engage with AI technology actively.