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Blackstone chief contributes to MIT's $1B AI investment initiative

Blackstone Group LP co-founder, Chairman and CEO Stephen Schwarzman provided a $350 million foundational gift to Massachusetts Institute of Technology as part of a $1 billion commitment to computing and artificial intelligence in the U.S.

The academic institution, through the gift, will build the on-campus MIT Stephen A. Schwarzman College of Computing as an interdisciplinary center for work in computer science, AI, data science and associated fields.

The college, scheduled to open in September 2019, will create a new deanship and 50 new faculty positions. A new building for the college is set to be completed in 2022.