Wipro, the Indian IT services provider, announced on Wednesday its plan to allocate $1 billion towards artificial intelligence (AI) investments in the coming three years.

In an exchange filing, Wipro stated that the allocated investments will primarily target the growth and enhancement of AI, big data, and analytics solutions. Additionally, the company aims to invest in the development of new research and development initiatives and platforms.

Just a week ago, Tata Consultancy Services, a rival company, announced its intention to train 25,000 engineers and obtain certification on Microsoft's Azure Open AI. This development closely follows that announcement.

Since late 2022, numerous companies spanning various industries, including banks and major technology firms, have significantly increased their investments in AI. This surge in investment can be attributed to the widespread popularity and impact of ChatGPT, a generative AI chatbot developed by OpenAI, which is supported by Microsoft.

In addition, Wipro introduced Wipro ai360, an innovation ecosystem with a strong focus on AI. The company further announced its commitment to provide AI training to its entire workforce of approximately 250,000 employees within the next 12 months.

“Especially with the emergence of generative AI, we expect a fundamental shift up ahead, for all industries,” Wipro CEO Thierry Delaporte said.