Synopsis
Nvidia CEO Jensen Huang and his wife are donating $108.3 million in computing time from CoreWeave to universities for AI research. This significant gift also bolsters CoreWeave, an AI cloud company in which Nvidia has invested heavily and secured substantial cloud capacity deals.Listen to this article in summarized format
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.
While the gift demonstrates Huang's largesse, it also represents another support measure from Nvidia to CoreWeave, a cloud computing company that specialises 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.
