MIT plans college for artificial intelligence, backed by $1B

The Massachusetts Institute of Technology is creating a new college centered on the powerful tools of artificial intelligence technology, and it's backed by a planned investment of $1 billion. Two-thirds of the funds have already been raised, according to The New York Times.

The lead investor is Steven Schwarzman, the CEO of the Blackstone Group private equity firm, who gave a gift of $350 million.

Officials say the college is scheduled to begin in the fall semester next year.

Read more from The New York Times.