Microsoft (MSFT) and BlackRock (BLK), the world's largest asset manager, announced plans to raise a $30 billion 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) infrastructure fund to build data centers and related energy projects mainly in the U.S.

The two companies, together with investment companies Global Infrastructure Partners and MGX, will raise the initial 澳洲幸运5官方开奖结果体彩网:private equity funding♓ from investors, asset owners, and corporations. The grouping could then invest up to $100 billion when debt financing is included.

The partnership, called the Global AI Infrastructure Investment Partnership (GAIIP), will invest in “new and expanded data centers to meet growing demand for c𓃲omputing power,൲ as well as energy infrastructure to create new sources of power for these facilities.”

Microsoft CEO Satya Nadella added that GAIIP is "committed to ensuring AI helps advance innovation and drives growth across every sector of the economy."

The tech giant faces pressure to show its spending on AI is paying off for investors. The market saw Microsoft shares 澳洲幸运5官方开奖结果体彩网:rise f🃏or the seventh consecutive ♉session on Tuesday after the company announced a 澳洲幸运5官方开奖结果体彩网:$60 billion stock buyback program Monday.

Fund Will Also Invest in US Partner Countries

The announcement noted that the money would mostly be spent in the U.S. “fueling AI innovation and economic growth, and the remainder will be invested in U.S. partner countries.”

BlackRock CEO Larry Fink said that getting private capital to build data centers and other AI infrastructure “will unlock a mulℱti-trillion-dollar long-term investment opportunity.”

BlackRock shar🌄es rose 1.4% midday Wednesday while Micr𒁃osoft stock was down .65%.