Mari Petroleum to invest Rs10bn in tech subsidiary

September 24, 2024 (MLN): The board of Mari Petroleum Company Limited (PSX: MARI) has approved an investment of Rs10 billion in a proposed wholly-owned subsidiary by way of equity.

This new company will focus on data centers, cloud computing, artificial intelligence, and other emerging technologies, including those related to the petroleum and mining sectors.

Earlier in August, the board had approved the formation of this subsidiary.

Globally, artificial intelligence has been rising on the list of tech trends in recent years. Many industries have seen a rapid increase in business expectations related to AI implementation. 

Tech giants such as Amazon.com Inc., Meta Platforms Inc., Microsoft Corp. and Alphabet Inc. have significantly increased their capital spending on artificial intelligence as they rush to capitalize on the booming technology.

According to Bloomberg, companies that the strategists refer to as “hyperscalers” — including Amazon.com Inc., Meta Platforms Inc., Microsoft Corp. and Alphabet Inc. — have utilized about $357bn for capital expenditure as well as research and development in the past year.

A “significant portion” of this spending was on AI and represents nearly a quarter of the S&P 500’s total for capex and R&D.

Read: Chakwal Spinning Mills to invest around Rs8bn in data center, cloud operations

Read: Apple ramps up AI effort with iPhone 16

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