All the essential news from the ongoing India AI Impact Summit

With an eye toward luring more AI investment to the country, India is hosting a 4-days AI Impact Summit this week so as to be attended by executives from big AI labs and Big Tech, consisting of OpenAI, Anthropic, Nvidia, Microsoft, Google, and Cloudflare, as well as heads of state.

The event, which anticipates 250,000 visitors, will see Alphabet CEO Sundar Pichai, OpenAI CEO Sam Altman, Anthropic CEO Dario Amodei, Reliance Chairman Mukesh Ambani, and Google DeepMind CEO Demis Hassabis in attendance.

India’s prime minister, Narendra Modi, is scheduled to deliver a speech with French President Emmanuel Macron on Thursday.

Here are all the main updates from the event:

• India earmarks $1.1 billion for its state-backed venture capital fund. The fund will invest in artificial intelligence and superior production startups across the country.
• OpenAI CEO Sam Altman stated India accounts owed for more than 100 million weekly active ChatGPT users, second only to the U.S. He also stated that Indians also account for the most students using ChatGPT.
• Blackstone has picked up a majority stake in Indian AI startup Neysa as a part of a $600 million equity fundraise. Teachers’ Venture Growth, TVS Capital, 360 ONE Asset, and Nexus Venture Partners also invested. The corporation now plans to boost another $600 million in debt, and deploy more than 20,000 GPUs.
• Bengaluru-primarily based C2i, which is building a power solution for data facilities, raised $15 million in a Series A round from Peak XV, with participation from Yali Deeptech and TDK Ventures.
• HCL CEO Vineet Nayyar stated that Indian IT corporation’s will target on turning profits and not being job creators. These comments come as Indian IT stocks dip as fears of AI disrupting the IT services sectors burgeon.
• Vinod Khosla, founder of Khosla Ventures, stated that industries like IT services and BPOs (Business Process Outsourcing) can “almost completely vanished” within 5-years due to AI. He told Hindustan Times that 250 million young people in India need to be selling AI-based products services to the rest of the world.
• AMD is teaming up with Tata Consultancy Services (TCS) to develop rack-scale AI infrastructure based on AMD’s “Helios” platform.
• Anthropic stated that they are opening their first office in India in the city of Bengaluru. The corporation stated that the nation is the second largest user of Claude after the U.S.