Microsoft and BlackRock are among the firms collaborating in a concerted effort to pool resources of up to $100 billion for the creation of data centers tailored for artificial intelligence and the essential energy infrastructure to power these facilities.

The announcement of the Global Artificial Intelligence Infrastructure Investment Partnership (GAIIP), which occurred through a press release on Tuesday, unveiled these plans. Alongside Microsoft and BlackRock, the consortium is composed of Global Infrastructure Partners (GIP), a company specializing in infrastructure investments that is undergoing acquisition by BlackRock, and MGX, a technology investor from the United Arab Emirates.

“Our dedication lies in leveraging AI to propel innovation and stimulate growth across various sectors of the economy,” stated Microsoft’s CEO Satya Nadella in a declaration. He expressed that the initiative unites “financial and industry leaders to construct the infrastructure necessary for the future and power it sustainably.”

The primary objective of the group is to amass an initial $30 billion in capital with ambitions to secure up to $100 billion in total, inclusive of debt financing options.

Among tech giants, there is a heated competition to establish data centers equipped with Nvidia graphics processing units (GPUs), capable of running generative AI models like those powering OpenAI’s ChatGPT chatbot. However, these GPUs are power-intensive, and the soaring demand has led to challenges in establishing new facilities.

Microsoft’s investment is an addition to the capital expenditures necessary to support the expansion of infrastructure for its Azure public cloud service, which caters to OpenAI and other AI clientele. In a statement in July, Microsoft disclosed that its fourth-quarter capital spending, encompassing assets obtained through finance leasing, totaled $19 billion.

BlackRock declared its intention to purchase GIP for $3 billion in cash and roughly 12 million shares of BlackRock common stock in January. The closure of this acquisition deal is anticipated by BlackRock to take place on October 1, as revealed last week.

MGX made its debut in March, boasting Abu Dhabi’s Mubadala and the AI firm G42 as its founding partners.