The Saudi Arabian government’s artificial intelligence fund, Shams, plans to divest from China after the U.S. asked its CEO to choose between continuing to invest in China or in the U.S. The fund’s CEO, Majed Algasabi, revealed this decision during an interview with Bloomberg TV. Algasabi stated that the fund would no longer make new investments in China and would gradually divest from existing Chinese holdings. This move comes amid rising tensions between the U.S. and China over technology and national security concerns. The U.S. has been pressuring allies to limit their exposure to Chinese technology companies, citing risks of espionage and data theft. Shams, which has invested in Chinese AI companies like SenseTime and CloudWalk, aims to become a global leader in AI investments. However, the fund’s decision to divest from China highlights the challenges faced by companies and investors caught in the crosshairs of the U.S.-China tech rivalry.
Source: https://time.com/6975810/saudi-arabia-ai-fund-divest-china-u-s-asked-ceo/