The Globe and Mail reports in its Tuesday, June 2, edition that an unnamed source says Ottawa plans to launch a new investment fund to support artificial intelligence start-ups and will add hundreds of millions to the existing $300-million AI Compute Access Fund. The Globe's Joe Castaldo writes that the AI fund was initially announced in April, 2024. Ottawa announced the first disbursements this month, awarding $66-million to 44 small- and medium-sized businesses. The strategy will also tap the Canada Strong Fund to make investments in AI companies. First announced in April, the sovereign wealth fund has an initial budget of $25-billion to be seeded over three years. Prime Minister Mark Carney has also tasked the federal Major Projects Office with developing sovereign cloud computing capacity to ensure Canadian-controlled infrastructure for building and running AI models. But as generative AI has exploded in the past few years, the riches have largely gone to U.S. tech giants. That includes companies that build AI models, such as OpenAI and Anthropic, chipmakers such as Nvidia, and cloud computing providers such as Microsoft and Amazon. Canadian talent has played pivotal roles at some of these companies.