Business

Tech Giants Invest in AI

Updated 2026-07-01 09:40 UTC 2 sources Neutral

The UAE's MGX has raised a $49 billion fund for AI, backing major companies including OpenAI and Anthropic. Meanwhile, Microsoft is reportedly planning thousands of layoffs as it focuses on AI development.

Coverage timeline — 2 articles

CNBC

UAE's MGX raises one of the biggest AI funds ever as it closes at $49 billion

The company is a backer of major AI companies including OpenAI and Anthropic, alongside Elon Musk's xAI, prior to its merger with SpaceX.

2026-07-01 09:08 UTC

MarketWatch

Microsoft is reportedly planning thousands of layoffs as it spends on AI

According to a Business Insider report, the tech giant is expected to cut less than 2.5% of its workforce

2026-07-01 09:29 UTC