Meta is making its first major minority investment in an outside company as it tries to catch up to a growing field of artificial intelligence rivals.

Data-labeling firm Scale AI confirmed on Friday that it has received a "significant" investment from Meta that values the startup at $29 billion.

Meta is making a $14.3 billion investment in artificial intelligence company Scale and recruiting its CEO Alexandr Wang to join a team developing “superintelligence” at the tech giant.

Meta invests $14.3B in Scale AI to fuel a new superintelligence lab—gaining infrastructure and leadership, but raising doubts about Scale’s future.

Alexandr Wang dropped out of MIT to co-found Scale and was quickly lauded as one of Silicon Valley's most promising entrepreneurs, raising funding from blue-chip venture capital firms and achieving billionaire status in his 20s.

This week, the Meta Group acquired a 49% stake in Scale AI. This has apparently also had an impact on the rest of the Scale customer base.

Alexandr Wang, once the youngest self-made billionaire in the world, has agreed to join Meta to work on AI “superintelligence,” leaving the startup that made him rich after dropping out of MIT. Alexandr Wang’s Scale AI just inked a $14.