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Massachusetts Institute of Technology on Monday morning announced a $1 billion plan to create a new college of computing within MIT, and to promote teaching and research on computing and artificial intelligence. MIT's announcement says the effort "marks the single largest investment in computing and AI by an American academic institution, and will help position the United States to lead the world in preparing for the rapid evolution of computing and AI."

The new college will be named for Stephen A. Schwarzman, who is donating $350 million. Schwarzman is chairman, CEO and co-founder of Blackstone, a global asset manager. (Other large gifts to higher education may be viewed in this Inside Higher Ed database.)

MIT said the effort would, among other things:

  • "Reorient MIT to bring the power of computing and AI to all fields of study at MIT, allowing the future of computing and AI to be shaped by insights from all other disciplines."
  • Create 50 new faculty positions.
  • "Educate students in every discipline to responsibly use and develop AI and computing technologies to help make a better world."