The sovereign investment vehicle MGX was conceived in 2023 shortly after the launch of OpenAI's ChatGPT ignited a global competition for dominance in artificial intelligence (AI). Recognizing the urgent need for a dedicated investment vehicle, Abu Dhabi has positioned MGX as one of the world's key players in this field with ambitious investment goals. The fund plans to allocate $10 billion annually over the next five years to leading AI companies, with its initial focus on significant investments in firms pushing the boundaries of AI technology.

MGX has already made waves by becoming one of the main investors in Anthropic, a company founded in 2021 by former OpenAI employees, notable for its language model family, Claude. This strategic investment reflects MGX's commitment to not just participating in the AI sector, but also to shaping its future through targeted financial backing of innovative companies. The establishment of such a fund indicates Abu Dhabi's proactive stance in the burgeoning AI landscape and its desire to be at the forefront of this transformative technology.

As the global AI race heats up, MGX's investments could have substantial implications not only for the companies it backs but also for the broader ecosystem of AI development. With a target of over $100 billion in investments and a clear direction set by a plan conceived on a simple paper napkin, the fund aims to leverage capital to secure a strategic position in the rapidly evolving AI market, influencing trends and innovations for years to come.