Nvidia and Elon Musk’s xAI have recently joined a consortium supported by Microsoft, the UAE investment fund MGX, and BlackRock to enhance artificial intelligence (AI) infrastructure in the United States. This announcement was made on Wednesday amidst an escalating global competition to lead in the emerging AI technology space.

The consortium, which was formed last year, aims to invest over $30 billion in AI-related projects. This initiative represents one of the largest efforts to mobilize funding for data centers and energy facilities crucial for powering AI applications, including platforms like ChatGPT.

The consortium’s expansion follows US President Donald Trump’s announcement in January about Stargate, a private sector AI infrastructure initiative that has backing from SoftBank Group, OpenAI, and Oracle. Stargate aims to mobilize up to $500 billion for AI infrastructure development. Investors have already committed $100 billion for immediate deployment, with additional funds expected over the next four years.

On Wednesday, the consortium, which includes BlackRock’s Global Infrastructure Partners, officially renamed itself the AI Infrastructure Partnership (AIP). Nvidia will continue its role as a technical advisor to the group. The consortium highlights the significant computational power needed for training AI models and processing large data sets, which in turn drives up energy consumption.

To meet these energy demands, tech companies are deploying thousands of chips in clusters, resulting in a surge in the need for specialized data centers. The AIP is actively seeking to raise up to $100 billion from investors, asset owners, and corporations to support its computing and power requirements, including debt financing.

The AIP noted that it has garnered considerable capital and partner interest since its inception in September, although it did not disclose the total funds raised to date. Additionally, GE Vernova and utility firm NextEra Energy will also join the consortium, with the renewable energy company expected to contribute to supply-chain planning and high-efficiency energy solutions.

The AIP plans to focus its investments on US partners and the Organization for Economic Cooperation and Development (OECD), reflecting its commitment to fostering collaboration and innovation in the AI sector.