The much-lauded UK-US tech deal landed to coincide with President Donald Trump’s state visit to the UK. It has been dubbed the “tech prosperity deal”, but who, exactly, is set to prosper? After all, the deal will make the UK more reliant on US tech and may hasten the embedding of US artificial intelligence (AI) throughout the UK economy.
Having said all that, it is a significant investment by a variety of US firms in the UK. Headline announcements include a £10 billion commitment from private equity firm Blackstone supporting an AI growth zone in the north-east of England; Palantir to invest up to £1.5 billion to help make the UK a defence innovation leader, a £22 billion commitment from Microsoft (with half of this for capital expenditure for AI and cloud services); and an £11 billion injection into the UK economy from chip maker Nvidia.
Further announcements include CoreWeave (a data centre company) investing £1.5 billion in UK data centre sites, software firm Salesforce investing £1.4 billion in the UK; Google’s parent company Alphabet investing £5 billion in AI; and further investment from Nvidia in UK AI startups.
