Bezos Aims to Raise Billions for AI Industrial Revolution Through "Project Prometheus"

Stock News
02/27

Jeff Bezos's artificial intelligence (AI) laboratory is reportedly raising tens of billions of dollars in funding to acquire industrial companies affected by AI technology. The Amazon.com (AMZN) founder believes this technological shift will reshape the entire industrial sector, and the large-scale financing effort is intended to capitalize on the resulting opportunities. According to the report, which cites two informed sources, the institution is valued at approximately $30 billion, a figure that does not yet account for the new investment round. Reports from last year indicated that Bezos would serve as co-CEO of a startup named "Project Prometheus," which focuses on AI research and development for engineering, manufacturing, computing, automotive, and spacecraft applications. This marks Bezos's first formal operational management role at a company since he stepped down as CEO of Amazon.com in July 2021. Although he remains involved with the space company Blue Origin, his official title there is founder. The report states that Project Prometheus is in preliminary discussions with several large sovereign wealth funds, including the Abu Dhabi Investment Authority, regarding taking stakes in its holding company. Additionally, Bezos is in talks with JPMorgan Chase CEO Jamie Dimon about potential investment. Related funding may come from the bank's $10 billion Security and Resiliency Initiative, which aims to strengthen the supply chains of critical U.S. industries. Bezos's representatives have not yet responded to requests for comment. Co-founders Shergill Ozaire and William Goetz also could not be reached via LinkedIn after business hours.

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