Tech company Microsoft has plans to invest more than $5 billion in Canada for the purpose of developing its AI and cloud infrastructure, as per a Reuters report. The amount to be invested is $5.42 billion, which at current market rates, is C$7.5 billion.
The investment is expected to help Canada establish its own presence in AI, as countries move to build data centers and the relevant facilities needed to power artificial intelligence.
Microsoft has been active in investing in this sector, with a $9.7 billion deal inked with infrastructure company IREN and a broader partnership with NVIDIA and Anthropic to scale Claude AI models on Microsoft Azure.
At the time of writing, Microsoft shares were trading at $491.02.