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U.S. Launches Project Genesis to Accelerate AI Development
The U.S. government announced Project Genesis on October 18, 2023, an executive initiative aimed at advancing artificial intelligence. This project seeks to utilize supercomputers and data from various government agencies to enhance sectors like advanced manufacturing and national security. The initiative was likened to the historical Manhattan Project, although specific funding details have not been disclosed.
Project Genesis is expected to increase demand for AI investments among major tech companies. Currently, leading firms such as Alphabet, Nvidia, and Amazon stand to benefit significantly due to their established positions in AI technology and cloud services. For instance, Nvidia holds a market share of approximately 92% in the data center chip market, while Taiwan Semiconductor Manufacturing controls around 71% of the global foundry services market.
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