May 19, 2020
MIT set to invest US$1bn in new AI-focused college
The Massachusetts Institute of Technology (MIT) announced on 15 October that it will invest US$1bn in a new artificial intelligence-focused college, the MIT Schwarzman College of Computing
Based in a new building on the MIT campus, the new college will bring AI to all areas of study at the university to leverage interdisciplinary insights for the development of computing and AI.
The Schwarzman College will create 50 new faculty positions both within the college itself and across other MIT departments, “nearly doubling MIT’s academic capability in computing and AI” according to MIT’s statement.
“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” said L Rafael Reif, MIT president in the announcement.
“In keeping with the scope of this challenge, we are reshaping MIT.
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“The MIT Schwarzman College of Computing will constitute both a global center for computing research and education, and an intellectual foundry for powerful new AI tools.”
The new college has been named after Stephen A Schwarzman, chairman, CEO, and co-founder of investment firm Blackstone which donated $350mn to MIT to make plans for the new college a reality.
“There is no more important opportunity or challenge facing our nation than to responsibly harness the power of artificial intelligence so that we remain competitive globally and achieve breakthroughs that will improve our entire society,” Mr. Schwarzman said in MIT’s statement.
“We face fundamental questions about how to ensure that technological advancements benefit all — especially those most vulnerable to the radical changes AI will inevitably bring to the nature of the workforce.
“MIT’s initiative will help America solve these challenges and continue to lead on computing and AI throughout the 21st century and beyond.”