(Bloomberg) -- BlackRock Inc. and Microsoft Corp. are teaming up on one of the largest efforts to date to bankroll the build-out of data warehouses and energy infrastructure behind the boom in artificial intelligence.

Most Read from Bloomberg

• AOC Proposes $30 Billion Social Housing Authority

• The Moonshot Plan to Eliminate Deaths on America’s Roads

• California’s Anti-Speeding Bill Can Be a Traffic Safety Breakthrough

• Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public Transport

• New York City’s Transit System Plans $65.4 Billion of Upgrades for Grand Central, Subways

The companies, along with the United Arab Emirates’ MGX investment vehicle, will seek $30 billion of private equity capital over time for the strategy, which will then leverage the money to as much as $100 billion in potential investments, the companies announced Tuesday.

“The need to build out data centers globally is multi-trillions of dollars to finance,” BlackRock Chief Executive Officer Larry Fink said in an interview, adding that the Global AI Infrastructure Investment Partnership has been months in the making. “This is just a great example of the capital markets building out infrastructure and building out the opportunities and new technologies.”

The infrastructure investments — including energy projects — will be mostly in the US, with a portion of the funds to be deployed in US partner countries, the companies said in a statement. The plan includes bringing on additional investors, and pensions and insurers are eager for such long-term infrastructure investments, Fink said.

“We don’t believe it will be a difficult task,” he said of raising the money.

The group includes Bayo Ogunlesi’s Global Infrastructure Partners, the money manager BlackRock is acquiring for about $12.5 billion, Abu Dhabi’s MGX, which was created this year specifically to invest in AI, and Nvidia Corp., the chipmaker that will support the coalition with its expertise in AI data centers and factories. Nvidia has poured money into creating software, networking and other pieces of technology that it says are essential to quickly putting together complete AI-systems.

“The investment opportunity is real and the investment need is even greater,” Brad Smith, vice chairman and president of Microsoft, said in the interview. AI “is the next general purpose technology that will fuel growth across every sector of the economy both in the United States and abroad.”

The firms have already discussed the plans with US lawmakers and regulators, Smith said.

Microsoft has invested $13 billion in AI research lab OpenAI and is overhauling its entire product line around AI features. The software company is dramatically expanding its own spending on data centers and computing infrastructure to deliver these services and has said its ability to serve AI customers is being constrained by not having enough chips and data center capacity.