• by Chuck Martin , Staff Writer, October 15, 2018

In yet another indication that artificial intelligence is a big deal today and going forward, MIT is launching a new initiative with serious funding behind it.

Backed by a $350 million gift from Blackstone CEO and founder Stephen Schwarzman, MIT is making a $1 billion commitment to address the challenges and opportunities relating to computing and the rise of artificial intelligence, according to the announcement.

This is the single largest investment in AI and computing by an American academic institution and “will help position the United States to lead the world in preparing for the rapid evolution of computing and AI,” according to MIT.

The effort will be headquartered in a new MIT Stephen A. Schwarzman College of Computing building on MIT’s campus and is scheduled to open in 2019.

The school will create 50 new faculty positions, nearly doubling MIT’s academic capability in AI and computing, give MITs five schools a shared structure for collaboration, research and innovation in AI and educate students in every discipline to use and develop AI and computing technologies.

“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” stated MIT president L. Rafael Reif. “In keeping with the scope of this challenge, we are reshaping MIT.”

Over time, the AI initiative is likely to advance artificial intelligence applications that can be used in all aspects of business as well as graduate the next generation of AI talent, some of whom likely will find their way into the world of marketing and advertising.