Verizon to invest $70 million in AI training effort

Verizon plans to invest $70 million in an initiative across the United States to provide artificial intelligence (AI) training to job seekers, small businesses, and educators, as the nation's economy undergoes significant changes. The telecommunications giant is collaborating with nonprofit organizations such as Goodwill Industries to offer AI training to hundreds of thousands of individuals using resources from companies such as IBM, Google, Anthropic, Microsoft, and OpenAI.

Verizon CEO Dan Schulman emphasized the importance of AI in shaping the workforce in an interview, stating that it is crucial for the preservation of democracy. Schulman advocates for large companies to contribute to the endeavor by increasing funding to help workers acquire skills for AI-related positions. He believes that if every Fortune 100 company invested $50 million or $70 million, they could create a multibillion-dollar fund.

In a previous announcement in 2022, Verizon committed $20 million to assist laid-off employees in developing AI skills following a decision to cut 13,000 jobs. The new investment brings the total to $70 million.