IBM has donated $240 million to MIT for a new joint laboratory to research artificial intelligence, instantly producing one of the richest academic-industry efforts in the world. Anantha Chandrakasan, MIT's new dean of engineering, told Axios that the 10-year IBM grant is the result of discussions that began only in the summer, and will result in the establishment of the MIT–IBM Watson AI Lab.

The lab, to involve more than 100 AI scientists from both IBM and MIT, will conduct fundamental research and encourage faculty and students to spin out companies from discoveries they develop.

The lab's establishment comes amid an AI research-and-commercialization frenzy at universities, in Silicon Valley and in tech companies around the world, all attempting to capture part of what is seen as an inflection point in the next economy — the shift to intelligent products. In 2015, for instance, Toyota announced more than $1 billion in funding for its own center, plus research at both MIT and Stanford.

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Updated 12 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

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2 hours ago - World

Opposition leader Leopoldo López flees Venezuela

Venezuelan opposition politician Leopoldo López outside the Spanish embassy in Caracas, in 2019. Photo: Juan Barreto/AFP via Getty Images

Leopoldo López, a former political prisoner and prominent Venezuelan opposition leader, has left the country, his Popular Will party confirmed in a statement Saturday.

Why it matters: He's been an influential force in the push to oust President Nicolás Maduro's regime and a mentor to opposition leader Juan Guaidó. He'd been in the Spanish ambassador's Caracas residence since escaping house arrest in April 2019 following a failed military uprising.

Obama: The rest of us have to live with the consequences of what Trump's done

Photo: Joe Raedle/Getty Images

Campaigning for Joe Biden at a car rally in Miami on Saturday, Barack Obama railed against President Trump's response to the coronavirus pandemic, saying "the rest of us have to live with the consequences of what he's done."

Driving the news: With less than two weeks before the election, the Biden campaign is drawing on the former president's popularity with Democrats to drive turnout and motivate voters.