Currently a Principal Data Scientist (IC); Optum offered me AI Lead – SG29.
Does anyone know if SG29 is an IC or managerial level and how it compares to Principal roles?
Trying to understand if this is a lateral move or a downgrade in Optum’s hierarchy.

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Congratulations..Principle Data Scientist or Lead AI/ML engineer is same position, just different titles, none is superior to other. Would you mind sharing your offer and experience?

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Grade 29 is generally a senior manager / principal engineer level position at Optum. However, it entirely depends on the job family. For you, I believe it should be grade 30 - director / senior principal from a career growth perspective. But it also depends on your current compensation.
Additionally, I believe that for the broader community to know, the question should ideally be posted with years of experience, current compensation, and offered CTC. Thank you, I hope this helps.

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For the data scientist role below are the titles for the grade 29.

Sr. Manager Data science
Sr. Manager AIML Engineering
Principal data scientist (IC role)
Lead AIML Engineer (IC role) - compensation range is broader among all 4

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SG29 at which location?

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Bangalore.

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How much ctc did they offer u

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can u please refer me for data scientist role

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Sure

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