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MIT (pioneer in education) and IBM ( A giant in computer research) both are well known entities for their research. Both are joining hands to research on AI.

IBM and MIT both announced today that IBM plans to invest 10 years, $240 million to create MIT-IBM Watson Lab, that will carry out fundamental artificial intelligence (AI) research and seek to propel scientific breakthroughs that unlock the potential of AI. The main purpose of collaboration is to advance AI hardware, software and algorithm related to deep learning and other areas. Also, to research on impact of AI on economy and ethical implications on society.

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