By Josh Perry, Editor
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The Massachusetts Institute of Technology (MIT) in Cambridge, Mass. announced a new $1 billion commitment to address the challenges, technical and ethical, presented by the growth and evolution of artificial intelligence (AI) in the world.

MIT is establishing a new college to study innovations in AI. (Wikimedia Commons)

Thanks to a $350 million gift, the school will be creating the new Stephen A. Schwarzman College of Computing. Schwarzman is the CEO and co-founder of Blackston, a leading global asset management firm, according to an announcement from MIT.

A new building will house the Schwarzman College of Computing and will be an “interdisciplinary hub for work in computer science, AI, data science, and related fields,”

The school is tasked with bringing AI technology into all fields of study at MIT to allow “the future of computing and AI to be shaped by insights from all other disciplines.” Fifty new faculty positions will be created both within the college and in other departments at MIT and all departments will collaborate on research, education, and innovation in AI.

One of the important tasks of the new college will be to “transform education and research in public policy and ethical considerations relevant to computing and AI.”

“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” MIT President L. Rafael Reif said in the announcement.

“The MIT Schwarzman College of Computing will constitute both a global center for computing research and education, and an intellectual foundry for powerful new AI tools. Just as important, the College will equip students and researchers in any discipline to use computing and AI to advance their disciplines and vice-versa, as well as to think critically about the human impact of their work.”

Schwarzman also gave $5 million to Harvard Business School this year to explore the implications of AI in business and three years ago donated $150 million to Yale University to establish the Schwarzman Center.

“There is no more important opportunity or challenge facing our nation than to responsibly harness the power of artificial intelligence so that we remain competitive globally and achieve breakthroughs that will improve our entire society,” Schwarzman said. “We face fundamental questions about how to ensure that technological advancements benefit all — especially those most vulnerable to the radical changes AI will inevitably bring to the nature of the workforce.”

The college is scheduled to open in 2019 and the new building will be opened in 2022. MIT has completed fundraising for an additional $300 million and will continue fundraising efforts to get to $1 billion.

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