AI may be grabbing the headlines, but Brookfield Asset Management (TSX:BAM, NYSE:BAM) is aiming to own the pipes and power behind it.
The Canadian investment giant is seeking $10 billion in equity for a new fund dedicated to building the infrastructure that keeps artificial intelligence running, according to the Wall Street Journal.
Half the target has already been raised from backers, including Nvidia, the Kuwait Investment Authority and Brookfield’s own capital, the report said. The firm is understood to be planning to combine that equity with co-investment and debt firepower to develop or acquire as much as $100 billion of AI-related assets.
The strategy spans data centres, energy supply and semiconductor production, with a particular focus on greenfield development, building facilities from the ground up on previously unused land.
“AI infrastructure demands land, power, and purpose-built supercomputers, and our partnership with Brookfield brings all of these elements together in a ready-to-deploy AI cloud,” Nvidia chief Jensen Huang said in a statement.
Brookfield already has more than €100 billion committed across digital, renewable and semiconductor assets, and investor appetite for AI remains strong despite repeated warnings that valuations are running hot.