Verizon to invest $70 million in AI training effort

Verizon has announced a $70 million investment in an AI training initiative aimed at equipping job seekers, small businesses, and educators with the necessary skills for the evolving U.S. economy, as reported on September 23. The telecommunications giant is collaborating with prominent non-profit organizations like Goodwill Industries to provide AI training to hundreds of thousands of individuals through resources from industry leaders such as IBM, Google, Anthropic, Microsoft, and OpenAI.

Verizon CEO Dan Schulman emphasized the importance of AI in transforming the workforce during an interview, stating that it is crucial to safeguard democracy and enhance workers' capabilities in AI-related roles. Schulman called on major corporations to contribute to the cause by investing additional funds, suggesting that if every Fortune 100 company allocated $50 million to $70 million, a multibillion-dollar fund could be established.

In a parallel move last year, Verizon committed $20 million to aid departing employees in acquiring AI skills following the company's decision to lay off 13,000 workers. The recently disclosed initiative augments this initial investment by an additional $50 million.