Nvidia CEO's foundation buys $108 million of AI computing from CoreWeave, donates it to researchers
The foundation of Nvidia (NVDA.O), opens new tab CEO Jensen Huang and his wife, Lori, is buying computing time from CoreWeave (CRWV.O), opens new tab and donating it to universities and other nonprofit institutes, according to a filing that valued the donation at $108.3 million so far.
According to a filing on Tuesday, the computing resources will be used for science and artificial intelligence research. Nvidia plans to offer free engineering services to some of the grant recipients, it said in the filing , News.az reports, citing Reuters.
While the gift demonstrates Huang's largesse, it also represents another support measure from Nvidia to CoreWeave, a cloud computing company that specializes in AI applications.
Nvidia designs the graphics processing units, or GPUs, that CoreWeave offers customers. In January, Nvidia invested $2 billion in CoreWeave to become, at the time, the company's second-largest shareholder.
Nvidia signed a $6.3 billion deal last year for cloud computing capacity with CoreWeave that guarantees the AI chip company will purchase any cloud capacity not sold to customers.
The chip giant has drawn scrutiny for investing billions of dollars into AI firms including ChatGPT maker OpenAI and neoclouds, raising investor concerns about potential circular financing.
CoreWeave raised the lower end of its capital spending forecast last week when it reported results, citing higher prices of components.
By Faig Mahmudov
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