The Massachusetts Institute of Technology (MIT) has announced a $1 billion commitment for addressing the global opportunities and challenges presented by the rise of artificial intelligence (AI). This is the second largest investment in computing and AI by an American academic institution.
Plus MIT pointed out that this will help position the United States to lead the world in preparing for the evolution of computing and AI. The MIT Schwarzman College of Computing will be headquartered in a new signature building on MIT’s campus.
“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” said MIT President L. Rafael Reif in a statement. “In keeping with the scope of this challenge, we are reshaping MIT. 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. Just as important, the College will equip students and researchers in any discipline to use computing and AI to advance their disciplines and vice-versa, as well as to think critically about the human impact of their work. With uncommon insight and generosity, Mr. Schwarzman is enabling a bold agenda that will lead to a better world. I am deeply grateful for his commitment to our shared vision.”
As part of the investment, MIT is going to establish the new Stephen A. Schwarzman College of Computing. This new college is being made possible by a $350 million foundational gift provided by Schwarzman, who is the co-founder, chairman, and CEO of global asset management company Blackstone.
Aside from Schwarzman’s gift, MIT raised an additional $300 million in support. The $650 million out of the $1 billion was required to set up the college. And further fundraising is being actively pursued by MIT’s senior administration.
Blackstone has approximately $440 billion in assets under management. And Schwarzman is an active philanthropist, who is known for supporting education, culture, and the arts. Earlier this year, Schwarzman donated $5 million to the Harvard Business School to support the development of case studies. And three years ago, Schwarzman gave $150 million to Yale University to establish the Schwarzman Center campus center in the school’s Commons building.
The new Stephen A. Schwarzman College of Computing will bring the power of computing and AI to all fields of study at MIT. And it will create 50 new faculty positions that will be located within the College and jointly with other departments at the school, which is nearly doubling MIT’s academic capability in computing and AI. Plus it will give MIT’s five schools a shared structure for collaborative education, research, and innovation in computing and AI.
“As one of the world leaders in technological innovation, MIT has the right expertise and the right values to serve as the ‘true north’ of AI in pursuit of the answers we urgently need,” added Schwarzman. “With the ability to bring together the best minds in AI research, development, and ethics, higher education is uniquely situated to be the incubator for solving these challenges in ways the private and public sectors cannot. Our hope is that this ambitious initiative serves as a clarion call to our government that massive financial investment in AI is necessary to ensure that America has a leading voice in shaping the future of these powerful and transformative technologies.”
The MIT Schwarzman College of Computing is expected to be opened in September 2019. And the construction of a new building for the AI college is expected to be completed in 2022.
