Brookfield Asset Management (BAM, Financial), a Canadian investment giant, is expanding its artificial intelligence (AI) investment portfolio from North America to the European market. The firm announced plans to invest approximately €20 billion ($21.7 billion) in France over the next five years. This investment will focus on developing large-scale data centers and other core AI infrastructure, reflecting the growing global competition in AI mainly led by the U.S. and China.
This ambitious €20 billion plan mirrors French President Emmanuel Macron's "European Stargate" initiative, which involves a massive €1,090 billion investment in AI infrastructure within the country. President Macron highlighted the importance of these investments, supported by companies and funds, at a recent AI summit held in Paris. The French government’s AI infrastructure project is envisioned to be a multi-billion-dollar venture, reminiscent of the U.S. "Stargate" plan unveiled in January by former President Donald Trump, involving OpenAI, SoftBank, and Oracle's initial $100 billion investment in AI infrastructure in the U.S.
Brookfield plans to allocate €15 billion of its investment to European data centers, spearheaded by its portfolio company, Data4. The remaining funds will be directed towards AI infrastructure projects led by the French government, such as data transmission, chip storage, and energy production. Brookfield's European head, Sikander Rashid, emphasizes France's supportive policies, skilled workforce, and robust energy supply network as key factors for AI infrastructure development, positioning France as a competitive location in the AI race.
