Artificial Intelligence Boom Lures Kazakhstan’s Oil Wealth (1)

Kazakhstan is preparing to channel some of its national wealth into artificial intelligence infrastructure, joining a global rush where venture capital firms and energy-rich states are betting billions on the sector despite volatility and surging valuations.

The National Investment Corp., a unit of the Kazakh central bank that manages part of the country’s $60 billion oil fund, sees data centers and other AI architecture as a path to stronger returns in a challenging environment, Chief Executive Officer Serikzhan Rysbekov said in an interview at the firm’s headquarters in Astana.

This year, the NIC, which manages $3.4 billion, plans its first ...