Trenton, NJ - According to Matthew Fazelpoor, "The Garden State took its latest step in establishing itself as a leader in the artificial intelligence space, as Gov. Phil Murphy signed legislation into law July 25 establishing the Next New Jersey Program. The initiative aims to attract new investment into the state’s AI industry, providing up to $500 million in tax credits for AI businesses. The incentives were originally allocated for the Aspire and Emerge programs. Assembly Bill 4558/Senate Bill 3432 was passed alongside the Fiscal Year 2025 state budget as that process came down the home stretch."
The Thursday signing ceremony took place at the Roseland headquarters of CoreWeave. Founded in a New Jersey suburban garage, the AI cloud infrastructure company has grown into a global company and leader in this space.
“We’re here today to sign a piece of legislation that will empower our state’s top minds to shape the future of generative artificial intelligence – both ambitiously and responsibly,” said Murphy. “Because in a moment when the future of this realm has yet to be written, we here in New Jersey can be one of its prime authors. And together, in partnership with our state’s innovators, researchers and industry leaders like CoreWeave – we can unleash a new generation of possibilities that will transform our world for the better.”
Open for businessCoreWeave co-founder and Chief Strategy Officer Brian Venturo thanked Murphy and his administration for their leadership and investment in the AI space. He stressed this legislation will position New Jersey as a premiere hub for AI innovation.
“Governor, your presence here today is not only a testament to your commitment to the advancement of technology, but also your unwavering support for the AI business community in our state,” said Venturo. “Your dedication to fostering an environment where companies like ours can thrive has not gone unnoticed. We are grateful for your leadership and vision.”
Venturo said the bill signing is definitive proof that New Jersey is open for AI business.
“This not only reinforces New Jersey’s heritage as a state of innovators but also paves the way for significant advancements and opportunities for AI development,” said Venturo. “As the AI Hyperscaler, CoreWeave is proud to be headquartered here and excited to continue driving this industry forward.”
‘A bold step forward’Primary sponsors of the legislation Sen. Raj Mukherji, D-32nd District, and Assemblyman Chris Tully, D-38th District, were on hand for the event.
“From life-saving health care breakthroughs to traffic jams, artificial intelligence will touch every aspect of our daily lives,” said Mukherji, a former information technology CEO. “Through the responsible incentives in the Next New Jersey legislation, we are cementing New Jersey’s place at the forefront of technological advancement and economic competitiveness as we tap into the transformative potential of AI.”
“The Next New Jersey Program is a bold step forward in making our state a leading hub for the rapidly evolving AI industry and ensure we continue building a prosperous and innovative future all of New Jersey,” said Tully. “New Jersey’s investment lets industry know our state is a competitive and committed leader in AI.”
“The bill I’m signing today – and again I want to thank Raj and Chris and their colleagues – will invest up to $500 million into building out New Jersey’s AI infrastructure. $500 million,” said Murphy, who also credited the New Jersey Economic Development Authority and its leadership for their efforts in shaping the legislation.
“And with this investment, we’re going to make it far easier for our state’s students, researchers, entrepreneurs – you name it, who share our commitment to innovating responsibly to explore the potential of their AI-powered innovations,” Murphy said. “We want our state government to be a catalyst for pairing together established players in the world of AI like CoreWeave, with young innovators who are just getting their start.”
Ahead of the curveMurphy said the legislation reflects the state’s continued efforts and big bets into AI and innovation. He pointed to the establishment of the AI Task Force and the AI Hub at Princeton, as well as innovation hubs such as HAX, SciTech Scity and more.
“Let me be clear, CoreWeave is one of the hottest companies on the planet. Their reach is hyperglobal,” said Murphy. “They could have planted their headquarters flag anywhere, literally – and they chose the great State of New Jersey.”
“What a momentous day,” said NJEDA Chief Executive Officer Tim Sullivan. “This is a continuation of our journey to making New Jersey the most diverse and inclusive innovation ecosystem America – and recapturing our leadership position in innovation and entrepreneurship.”
Sullivan spoke about the potential scale of AI. He analogized it to the early internet, referencing recent comments from Microsoft’s Brad Smith at the AI Summit comparing the technology to the printing press.
“I am big with these metaphors. I think you can’t miss for what generative AI represents for the future our society; of our economy; of our state; and of our country and our world,” said Sullivan. “And so, this bill that the governor is going to sign, I think, really positions New Jersey to make smart and targeted investment to support not just the AI industry – but all of New Jersey’s economic competitiveness. Because being on our front foot with regard to generative AI is going to be like 20-25 years ago thinking – we should probably have a good internet infrastructure; and companies should have websites – those kinds of innovative ideas.”
All in on AIMurphy closed his comments by saying it is important to look in the mirror and ask: who are you, who are you not, and what can you be and what can you not be?
“I’ve said this many times – I’m going to die, probably, trying to make cars and trucks again in New Jersey. But when I look in the mirror, I don’t see that,” said Murphy. “What I do see is an innovation economy. I see with proof points up and down our state – biopharma, life sciences, tech, telecom, film/television, digital, the green economy, offshore wind, fintech, the guts of the sports betting business. That’s who we are. We lead with talent; we lead with innovation; we lead with our location.”
He said that his administration decided early, collectively and affirmatively to make an all-in bet on generative AI.
“The creation of this program will support the growth of AI-related businesses, which could lead to scientific breakthroughs and lifesaving discoveries right in our backyard,” said Murphy. “AI will be a transformative industry that will change lives and grow our economy – and New Jersey is ready to take the lead.”
“We’re here today to sign a piece of legislation that will empower our state’s top minds to shape the future of generative artificial intelligence – both ambitiously and responsibly,” said Murphy. “Because in a moment when the future of this realm has yet to be written, we here in New Jersey can be one of its prime authors. And together, in partnership with our state’s innovators, researchers and industry leaders like CoreWeave – we can unleash a new generation of possibilities that will transform our world for the better.”
Open for businessCoreWeave co-founder and Chief Strategy Officer Brian Venturo thanked Murphy and his administration for their leadership and investment in the AI space. He stressed this legislation will position New Jersey as a premiere hub for AI innovation.
“Governor, your presence here today is not only a testament to your commitment to the advancement of technology, but also your unwavering support for the AI business community in our state,” said Venturo. “Your dedication to fostering an environment where companies like ours can thrive has not gone unnoticed. We are grateful for your leadership and vision.”
Venturo said the bill signing is definitive proof that New Jersey is open for AI business.
“This not only reinforces New Jersey’s heritage as a state of innovators but also paves the way for significant advancements and opportunities for AI development,” said Venturo. “As the AI Hyperscaler, CoreWeave is proud to be headquartered here and excited to continue driving this industry forward.”
‘A bold step forward’Primary sponsors of the legislation Sen. Raj Mukherji, D-32nd District, and Assemblyman Chris Tully, D-38th District, were on hand for the event.
“From life-saving health care breakthroughs to traffic jams, artificial intelligence will touch every aspect of our daily lives,” said Mukherji, a former information technology CEO. “Through the responsible incentives in the Next New Jersey legislation, we are cementing New Jersey’s place at the forefront of technological advancement and economic competitiveness as we tap into the transformative potential of AI.”
“The Next New Jersey Program is a bold step forward in making our state a leading hub for the rapidly evolving AI industry and ensure we continue building a prosperous and innovative future all of New Jersey,” said Tully. “New Jersey’s investment lets industry know our state is a competitive and committed leader in AI.”
“The bill I’m signing today – and again I want to thank Raj and Chris and their colleagues – will invest up to $500 million into building out New Jersey’s AI infrastructure. $500 million,” said Murphy, who also credited the New Jersey Economic Development Authority and its leadership for their efforts in shaping the legislation.
“And with this investment, we’re going to make it far easier for our state’s students, researchers, entrepreneurs – you name it, who share our commitment to innovating responsibly to explore the potential of their AI-powered innovations,” Murphy said. “We want our state government to be a catalyst for pairing together established players in the world of AI like CoreWeave, with young innovators who are just getting their start.”
Ahead of the curveMurphy said the legislation reflects the state’s continued efforts and big bets into AI and innovation. He pointed to the establishment of the AI Task Force and the AI Hub at Princeton, as well as innovation hubs such as HAX, SciTech Scity and more.
“Let me be clear, CoreWeave is one of the hottest companies on the planet. Their reach is hyperglobal,” said Murphy. “They could have planted their headquarters flag anywhere, literally – and they chose the great State of New Jersey.”
“What a momentous day,” said NJEDA Chief Executive Officer Tim Sullivan. “This is a continuation of our journey to making New Jersey the most diverse and inclusive innovation ecosystem America – and recapturing our leadership position in innovation and entrepreneurship.”
Sullivan spoke about the potential scale of AI. He analogized it to the early internet, referencing recent comments from Microsoft’s Brad Smith at the AI Summit comparing the technology to the printing press.
“I am big with these metaphors. I think you can’t miss for what generative AI represents for the future our society; of our economy; of our state; and of our country and our world,” said Sullivan. “And so, this bill that the governor is going to sign, I think, really positions New Jersey to make smart and targeted investment to support not just the AI industry – but all of New Jersey’s economic competitiveness. Because being on our front foot with regard to generative AI is going to be like 20-25 years ago thinking – we should probably have a good internet infrastructure; and companies should have websites – those kinds of innovative ideas.”
All in on AIMurphy closed his comments by saying it is important to look in the mirror and ask: who are you, who are you not, and what can you be and what can you not be?
“I’ve said this many times – I’m going to die, probably, trying to make cars and trucks again in New Jersey. But when I look in the mirror, I don’t see that,” said Murphy. “What I do see is an innovation economy. I see with proof points up and down our state – biopharma, life sciences, tech, telecom, film/television, digital, the green economy, offshore wind, fintech, the guts of the sports betting business. That’s who we are. We lead with talent; we lead with innovation; we lead with our location.”
He said that his administration decided early, collectively and affirmatively to make an all-in bet on generative AI.
“The creation of this program will support the growth of AI-related businesses, which could lead to scientific breakthroughs and lifesaving discoveries right in our backyard,” said Murphy. “AI will be a transformative industry that will change lives and grow our economy – and New Jersey is ready to take the lead.”
