The second phase of the artificial intelligence project underway in Hrazdan has been approved, with planned investments totaling $4 billion. The announcement was made by Hrazdan Mayor Sevak Mikayelyan.

“You are already aware that an artificial intelligence (AI) factory is being built in Hrazdan with a $500 million investment.

“I am pleased to announce that the second phase of the project has now been approved, under which $4 billion will be invested.

This is an unprecedented opportunity not only for our community, but for all of Armenia, aimed at turning Hrazdan into a major regional center for technology and innovation.

It is noteworthy that there are currently only 13 similar AI factories operating worldwide, and the 14th is being built right here in Hrazdan,” he said.

The key technological partner in the construction and future operation of the AI factory is NVIDIA, whose market capitalization is estimated at around $4.6 trillion globally.