Tuesday, 02 January 2024 12:17 GMT

Trump's New 'Genesis Mission' May Hand AI Stocks A Much-Needed Boost: Here's What It's All About


(MENAFN- AsiaNet News)
  • The government has tasked the DOE to integrate“world-class supercomputers and datasets into a unified, closed-loop AI platform.
  • The mission would use the power of AI to automate experiment design, accelerate simulations, and generate predictive models to accelerate federal R & D productivity.
  • The Trump administration seeks to partner with private-sector companies such as Nvidia, Dell Technologies, HP Enterprise, and AMD to boost supercomputing resources at labs.

The artificial intelligence (AI) space, which has come under significant selling pressure in November, could receive a boost from President Donald Trump's newest executive order.

The Global X Artificial Intelligence & Technology ETF (AIQ) is down 7.5% in November amid concerns about a bubble forming, though it is up 27% for the year.

Trump's Genesis Mission

The Genesis Mission, inspired by the Apollo Program that helped humans land on the Moon, is a“nationwide initiative” aimed at accelerating scientific breakthroughs using AI, the White House said in a statement.“The Genesis Mission brings together the unmatched power of our National Laboratories' supercomputers and top scientific minds to transform the way science and research are conducted.” 

The government has tasked the Department of Energy (DOE) to integrate“world-class supercomputers and datasets into a unified, closed-loop AI platform.” The mission would use the power of AI to automate experiment design, accelerate simulations, and generate predictive models to accelerate federal research and development productivity. It envisages coordination with key federal agencies, including the National Science Foundation (NSF), the National Institute of Standards and Technology (NIST), and the National Institutes of Health (NIH).

Michael Kratsios, Assistant to the President for Science and Technology and Director of the White House Office of Science and Technology Policy, said the mission connects“world-class scientific data with the most advanced American AI to unlock breakthroughs in medicine, energy, materials science, and beyond.”

Why It's Important

According to a Bloomberg report, citing a senior administration official who spoke on condition of anonymity, the Trump administration looks to partner with private sector companies such as Nvidia Corp. (NVDA), Dell Technologies, Inc. (DELL), HP Enterprises (HPE) and Advanced Micro Devices, Inc. (AMD)  to boost supercomputing resources at labs. 

Energy Secretary Chris Wright reportedly said the initiative will help bring down rising energy costs, mitigating concerns that AI adoption could strain the U.S. electric grid. According to Wright, one of the goals is to“bring more energy on, make our electricity grid more efficient, and reverse price rises that have infuriated American citizens.”

The U.S. has made concerted efforts to maintain its lead in the AI arms race. It has denied China access to high-performance computing AI accelerator chips from companies such as Nvidia and AMD in a bid to stymie its progress.

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