MIT Unveils New $1 Billion College for Artificial Intelligence

The much-esteemed university stated that it would add 50 fresh faculty members and would even construct an interdisciplinary hub for works in computer science, data science, AI, and other related fields.
The Massachusetts Institute of Technology (MIT) announced its plans to establishing a new college of artificial intelligence. Concentrating on the ‘responsible and ethical’ uses of technology, the initial budget for the entire program is $1 billion roughly (Rs. 7,400 crores)  in which a large part of the funds will be coming as a gift from Stephen Schwarzman (Chairman and Co-founder of the financial giant Blackstone) after whom the college will be titled.
The MIT President – Rafael Reif stated, “As computing reshapes our world, MIT intends to help make sure it does so for the good of all.
One of the statements by MIT said that this initiative represents the sole largest investment in computing and AI by an American academic institution. The initiative comes from the background of the growing concerns about the impacts of artificial intelligence on global institutions, and anticipations that China is overtaking the United States in this field.
“There is no more important opportunity or challenge facing our nation than to responsibly harness the power of artificial intelligence so that we remain competitive globally and achieve breakthroughs that will improve our entire society,” Schwarzman said.
According to MIT, they are facing fundamental questions as for how the technological advancements benefits for everyone can be ensured; mainly for those who are sensitive to quantum leaps as AI will necessarily bring to the nature of the workforce. Although, the new college is scheduled to open in September 2019, with its new building programmed to be completed in 2022.

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