- CEO Jensen Huang has called the UK one of the richest AI communities anywhere on the planet.
- He has promising to boost investment in the country’s artificial intelligence sector, including investment into its AI lab at the University of Bristol, in the West of England.
- Hi comments came during London Tech Week in a conversation with Prime Minister Keir Starmer.
Susannah Streeter, head of money and markets, Hargreaves Lansdown:
‘’With going for growth set to be central to the government’s Spending review, the Prime Minister is keen to build the UK’s reputation as a hub of AI activity. Nvidia, is the super-star chip global giant with a $3.46 trillion valuation, so it’s pledge to invest in the UK will be seen as a coup for the government. CEO Jensen Huang’s view that the UK is enjoying a ‘goldilocks’ moment implying the environment is just right for investment, will be music to the ears of ministers.
The deal reached will involve training more employees in the UK to use AI and expand research at universities, including the company’s own AI lab in Bristol. Bristol University is home to Isambard-AI, the UK’s most powerful supercomputer, designed for AI research and access to this ground-breaking technology is expected to help more AI innovations to progress. Tapping the breadth of talent in the nation’s universities and helping scale up AI is seen as key growth lever to pull. This comes against a tricky background given the number of high-profile tech firms which are shunning London, lured by the heady valuations and bright lights of Wall Street.
It’s clear the UK is a hub for innovation and entrepreneurship, and it can incubate firms during the early days. But the lack of access to easy capital, and the fragmented nature of government support for scale-ups has made the environment more difficult. The UK tech sector has also suffered from a risk averse attitude, with investors more prepared to put their money into companies with proven track records, rather than back arguably better, but more nascent innovations.
There are hopes this investment and the wider government’s AI opportunities action plan will help provide more support in the scale up scene, with an aim of increasing the amount of capital available to ambitious companies. The talent is emerging from UK universities, it’s just harnessing the skills and providing the right long-term support which is needed, and this is a good first step.’’
