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Bernard Arnault is the billionaire chairman and CEO of LVMH.
LVMH is a luxury fashion empire that owns many famous brands like Louis Vuitton, Christian Dior, Tag Heuer, and many more.
His net worth is bigger than Mark Zuckerberg’s…
And his investments go well beyond luxury fashion brands.
According to CNBC…
The world’s 3rd richest man has quietly been putting money into five AI companies this year through his family office Aglaé Ventures.
The total funding rounds for these companies amounted to $300 million.
The largest of these five funding rounds was for H.
H is a French startup focused on boosting worker productivity. It has also received the backing of former Google CEO Eric Schmidt.
Borderless AI is a Canadian HR management startup that secured $27 million, led by Aglaé and Susquehanna.
Meanwhile, Paris-based AI editing app Photoroom raised $43 million.
Lamini, an enterprise AI startup, and Proxima, a digital marketing platform, also received funding from the Arnault family’s venture fund.
But Bernard Arnault’s focus on AI goes beyond investing in startups.
His LVMH empire is also incorporating AI into its own operations through a partnership with Google Cloud.
As the company said during its annual LVMH Data AI Summit…
Tech companies are revolutionizing and transforming the fashion industry too.
Here’s the big takeaway.
The rush to adopt and invest in AI goes well beyond tech.
And the reason is simple.
According to a Fortune Business Insights report…
The global AI market is expected to balloon from $621.2 billion in 2024 to nearly $2.74 trillion in 2032.
But one thing is ESSENTIAL for that staggering growth to happen: this Oppenheimer Project.
The AI boom is creating a massive need for electricity.
The problem is we’re STILL using a power grid that was built in the 1960s and 70s.
This means AI is putting an enormous strain on our power grid.
And it’s only going to get worse.
Ian