Market Chatter: Abu Dhabi AI Firm G42 Held Talks to Sell Majority Stake to US Companies

MT Newswires Live59 minutes ago

Abu Dhabi's AI firm G42 has held talks over potentially selling a majority stake to US companies, in a bid to secure access to advanced AI chips beyond 2027, Bloomberg reported Friday, quoting unnamed sources familiar with the matter.

G42 will be able to buy AI chips without a US license until around April 2027, but it will need to modify its corporate structure to keep buying those chips, Bloomberg reported, adding proposals being considered include selling a majority stake to a US firm or establishing a new vehicle in the US.

The report said G42 already counts US companies like Microsoft (MSFT) as investors, alongside Abu Dhabi wealth fund Mubadala Investment.

Microsoft said in a blog post in April 2024 that it was investing $1.5 billion in G42 in return for a minority stake and that Vice Chair and President Brad Smith was joining G42's board.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 504.23, Change: -5.89, Percent Change: -1.15

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