Artificial intelligence is going to play a big role in the future and to better help students adapt to this new technology and study its implications, both ethical and social, the Massachusetts Institute of Technology has announced a very ambitious project. It’s setting up an artificial intelligence college with an investment of $1 billion.

The Massachusetts Institute of Technology confirmed today that two-thirds of the funds required for this college have already been raised. $350 million came from Stephen A. Schwarzman who is the CEO of a major private equity firm called the Blackstone Group. The college will be named the M.I.T. Stephen A. Schwarzman College of Computing.

An additional $300 million has been secured for this college through fundraising. It will add 50 new faculty positions in addition to new fellowships for graduate students. The faculty positions will be focused on the advancement of computer science. It has been named as a college and not a school to signal that it’s an “institute-wide entity,” with cross-cutting education and research being its primary missions.

The artificial intelligence college at M.I.T will get its own space but that will take time. Until then, it will be housed in other buildings on campus when the first semester begins in the fall of 2019. Its own space is expected to be completed by 2022.

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