Tech giants have pledged to channel hundreds of billions of dollars into AI initiatives in India, amid a major summit that has drawn world leaders and top industry executives.

Record investments are pouring into artificial intelligence as governments and corporations worldwide race to deploy the technology.

Hyperscalers, including Amazon, Microsoft, Meta, and Alphabet — have announced capital expenditure plans that could reach $700 billion on AI this year.

Microsoft said at the Indian AI Impact Summit that it is on track to invest $50 billion in artificial intelligence across the Global South by the end of the decade.

Meanwhile, OpenAI and chipmaker AMD both announced partnerships with Tata Group to expand AI capabilities, while United States asset manager, Blackstone said it had participated in a $600 million equity raise for Indian AI infrastructure firm Neysa.

The past week has also seen Indian tech group Reliance Industries reportedly announce plans to invest $110 billion in data centres and related infrastructure, while compatriot Adani Group outlined a $100 billion AI data centre expansion over the next decade.

The announcements came at a summit also clouded by controversy, as Microsoft co-founder Bill Gates pulled out following public criticism over his past ties to disgraced financier Jeffrey Epstein.

U.S. chip leader Nvidia also said it is expanding partnerships with venture capital firms in India as it seeks to deepen its exposure to emerging technology companies within the country’s growing innovation ecosystem.

While India is widely viewed as trailing the United States and China at the cutting edge of AI development, Microsoft President Brad Smith told CNBC that the gap could narrow in certain specialised, domain-focused areas.