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Abu Dhabi's MGX Closes Record $49 Billion AI Fund as Sovereign Wealth Funds Split Into Four Incompatible Strategies
Abu Dhabi's MGX closed the largest dedicated AI fund ever at $49 billion on July 1, adding to a portfolio that already holds stakes in OpenAI, Anthropic, xAI, and a $40 billion data center operator. The fund is chaired by Sheikh Tahnoon bin Zayed, who also serves as the UAE's national security adviser. Saudi Arabia, Qatar, and Singapore are placing entirely different bets, from domestic infrastructure builds to pure equity plays in the labs themselves. Read more
Vancouver Startup Wafr Raises $100 Million to Cut AI Data Centre Water Use by 95%
B.C.-based Wafr Technologies secured $100 million from private investors to commercialize a thermal battery cooling system designed to slash water use at AI data centres by up to 95% and cooling power use by up to 80%. The company plans to use the funds to launch an AI research lab and data centre while hiring dozens of technical staff across Canada. It is targeting an additional $200 million as it prioritizes the U.S. and German markets. Read more
Foxconn Posts 40% Revenue Jump as Nvidia Server Demand Keeps Climbing
Nvidia's biggest server assembly partner, Hon Hai Precision (Foxconn), reported quarterly revenue of $79 billion, beating analyst estimates and marking a 39.8% year-over-year jump driven by AI server demand. Shipments of AI racks are expected to maintain their momentum in the current quarter, while demand for information and communications technology products enters peak season. The results land as Alphabet, Amazon, Meta, and Microsoft collectively earmark roughly $725 billion for AI spending this year. Read more
Toronto and Hamilton Struggle to Regulate AI Data Centres as Grid Concerns Mount
Ontario municipalities are scrambling to figure out how AI data centres fit into existing zoning as the facilities proliferate largely unregulated. Hamilton City Council voted to pause new data centre approvals to give staff time to review environmental and health impacts, while Toronto Mayor Olivia Chow agreed to sign onto the Global Urban Data Centres Pact. A Toronto Hydro board member warned that fluctuations across clustered data centres could trip offline in milliseconds and threaten to bring down the entire grid. Read more
📢 The Signal Behind the Noise
Every story today is really the same story told from a different seat at the table. Abu Dhabi is buying the entire AI stack with sovereign patience no normal investor could match. Foxconn is cashing in on the hardware boom that stack depends on. Wafr is betting the bottleneck isn't chips, it's water and power. And Toronto is discovering it has no playbook for hosting any of it. The AI race isn't just about who builds the smartest model anymore. It's about who controls the land, the grid, and the capital behind it, and right now nation-states and hyperscalers are years ahead of the cities that have to actually host the buildings.
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