MOSCOW – According to Sberbank CEO German Gref, the bank is making approximately $3 billion annually from artificial intelligence, with a 200% return on investment. Russia, lacking Western support, is forced to develop AI technology independently.
Startups like OpenAI, supported by Microsoft, are driving excitement about the benefits of generative AI for business and society.
Speaking at the Kremlin, Gref informed President Putin, “We invest about $1 billion each year in AI technology and earn approximately $3 billion from it.”
Putin acknowledged the significance of AI, comparing it to the Soviet Union’s atomic and missile projects of the mid-20th century.
Gref’s leadership at Sberbank includes investments in AI, cloud services, big data, and smart devices, significantly shaping the former Soviet savings bank’s reputation. He did not specify which AI business lines generate revenue.
Although Sberbank discloses limited information about its growing tech business, the bank plays a vital role in helping Russia deal with Western sanctions related to the Ukrainian conflict.
(Reporting by Vladimir Soldatkin; Writing by Alexander Marrow; Editing by Alexandra Hudson)
Credit: The Star : Tech Feed
