India is holding a four-day AI Impact Summit this week, aiming to attract greater investment in artificial intelligence. The gathering will bring together leaders from top AI labs and major technology firms, such as OpenAI, Anthropic, Nvidia, Microsoft, Google, and Cloudflare, along with various heads of state. Anticipating around 250,000 attendees, the event features prominent figures including Alphabet CEO Sundar Pichai, OpenAI CEO Sam Altman, Anthropic CEO Dario Amodei, Reliance Chairman Mukesh Ambani, and Google DeepMind CEO Demis Hassabis. Indian Prime Minister Narendra Modi is set to give a speech alongside French President Emmanuel Macron on Thursday.

India has allocated $1.1 billion to its state-backed venture capital fund, which will focus on investing in artificial intelligence and advanced manufacturing startups nationwide. During the summit, OpenAI CEO Sam Altman noted that India has over 100 million weekly active ChatGPT users, placing it second only to the United States. He also highlighted that Indian students represent the largest group using the platform.

In a significant investment move, Blackstone has acquired a majority stake in the Indian AI startup Neysa as part of a $600 million equity fundraising round. Other investors include Teachers’ Venture Growth, TVS Capital, 360 ONE Asset, and Nexus Venture Partners. Neysa now intends to secure an additional $600 million in debt and deploy more than 20,000 GPUs.

Bengaluru-based C2i, which develops power solutions for data centers, has raised $15 million in a Series A funding round led by Peak XV, with contributions from Yali Deeptech and TDK Ventures.

HCL CEO Vineet Nayyar commented that Indian IT companies will prioritize profitability over job creation. These remarks come amid declining Indian IT stocks, driven by growing concerns that AI could disrupt the IT services sector.

Additionally, AMD is partnering with Tata Consultancy Services (TCS) to create rack-scale AI infrastructure using AMD’s “Helios” platform.