Nvidia and Wallenberg businesses starting AI venture in Sweden

Charles Daly

Bloomberg

<p><a href="https://fortune.com/company/nvidia/" target="_blank">Nvidia</a> Corp. and a cluster of businesses backed by Sweden’s influential Wallenberg family are starting a venture to build out artificial intelligence infrastructure in the Nordic nation.</p><div class="paywall-selector"></div><div class="paywall">



<p>The group of companies — including <a href="https://fortune.com/company/astrazeneca/" target="_blank">AstraZeneca</a> Plc, <a href="https://fortune.com/company/ericsson/" target="_blank">Ericsson</a> AB, Saab AB, SEB AB and the Wallenberg’s investment vehicle — will develop what it calls the largest enterprise AI supercomputer in Sweden, according to&nbsp;<a href="https://wallenberginvestments.com/en/news/swedish-business-consortium-build-ai-factory-nvidia" target="_blank" rel="noreferrer noopener">a statement</a>&nbsp;on Saturday. Nvidia will also establish its first AI technology center in the country to advance research with industrial partners, it said.</p>



<p>“The country is building its first AI infrastructure — laying the foundation for breakthroughs across science, industry, and society,” Nvidia Chief Executive Officer Jensen Huang said.</p>



<p>As part of the initiative, Saab said it will deploy the AI methodology to accelerate development of its defense capabilities. The other companies also made pledges.</p>



<p>“We believe this initiative will generate valuable spillover effects,” said Marcus Wallenberg, Chair of Wallenberg Investments AB.</p>



<p>The Wallenbergs, a Swedish industrial dynasty rooted in the nineteenth century, remain an active shareholder in some of Europe’s biggest companies primarily through ownership interests in <a href="https://fortune.com/company/investor/" target="_blank">Investor</a> AB and FAM. Dividends are disbursed via a so-called eco-system of foundations, including more than 2.9 billion Swedish kronor ($287 million) each year going to research and education in the Nordic nation.</p></div>

The group of companies — including AstraZeneca, Ericsson, and Saab — will develop what it calls the largest enterprise AI supercomputer in Sweden.

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