00:00Quite simply, just explain to us what MGX's strategy is and what their AI ambitions are.
00:06What does it fit in to their overall strategy?
00:08So I think MGX has communicated widely that it's looking to get a portfolio of $100 billion.
00:13What is new and what for the first time what they've said is how they're going to go about building
00:17this out.
00:18So speaking to colleagues of Bloomberg News, they have said that they're going to invest $10 billion every year for
00:25the next few years.
00:26Okay.
00:26And build out this portfolio, right?
00:28Yeah.
00:28Now, for context, this is a pretty significant chunk of cash, even for Abu Dhabi.
00:32Mubadla last year spent around $30 billion, and it was among the most aggressive investor.
00:40Right, active several funds.
00:41Yeah.
00:42And this confidence essentially comes from its unique place within the Abu Dhabi ecosystem.
00:47MGX was set up, co-created by Mubadla, which is a wealth fund, and G42, which is part of Sheikh
00:53Tanun's sprawling empire.
00:55Yeah.
00:55It's also different in certain ways.
00:57So it actively seeks external capital, which is very different from some of the Abu Dhabi entities.
01:03And it's set up almost like a venture or a buyout fund where partners get carried interest and external investors
01:11are eager for returns.
01:12Okay.
01:12So interesting.
01:13I guess my follow-up question was going to be, how does MGX differ from the other investment arms that
01:19are available in Abu Dhabi?
01:20You say, number one, open to external funding, but also I would say that they are an investment vehicle for
01:26artificial intelligence, right?
01:28They've become essentially central to UAE's ambitions for becoming a global player in AI.
01:33You've interviewed G42, and they've talked about how they're hoping to get frontline chips into the UAE.
01:40Now, MGX obviously plays a different role in the sense of they are building out this portfolio that's sprawling.
01:45In the intro, you mentioned Anthropic and OpenAI.
01:49They also have investments in Elon Musk's XAI, which gives them this unique hat trick of investments into some of
01:58the most hotly anticipated IPOs globally.
02:00Yeah.
02:01They've also done pretty sweeping deals across infrastructure that is related to the airspace.
02:07They've done that $40 billion deal with BlackRock on allied data centers.
02:12They've also teamed up with Silver Lake on buying out the Intel chip from them.
02:18And above all of this, they also have other big bets, right?
02:21So they've done the Binance deal, $2 billion investment, and interestingly done through a stable coin tied to the Trump
02:28family.
02:28Yeah.
02:28And then there is the TikTok U.S. joint venture.
02:32MGX is among the three funds that have a 15% stake in this new entity.
02:36Again, extremely critical to the Trump administration, extremely high-profile deal globally.
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