OpenAI, Anthropic backer MGX raises one of the biggest AI funds ever as it closes at $49 billion

Abu Dhabi's MGX, a major investment fund, has closed a $49 billion fund to back AI companies, making it one of the largest investment vehicles in the sector. The fund has invested in major AI companies like OpenAI and Anthropic, and is looking to invest across the AI tech stack (the layers of technology needed to build AI systems, including hardware, software, and platforms). This reflects the massive amount of money flowing into AI companies, which have raised a record $416.6 billion so far this year.