Nvidia acquires over 4% stake in South Korea’s Naver for $1bn
Nvidia has completed its $1 billion investment in South Korean internet company Naver, acquiring a 4.13% stake through a third-party rights offering, Qazinform News Agency reports, citing Yonhap.
Naver said in a regulatory filing on Friday that it had issued more than 6.5 million shares to the US chipmaker after receiving 1.3 trillion won (approximately $1 billion) in proceeds.
The investment is expected to accelerate the companies’ joint artificial intelligence (AI) factory project, announced in June.
Naver plans to build graphics processing unit (GPU)-based infrastructure, starting with its Gak Sejong data center in central South Korea, to expand its GPU-as-a-service business.
Earlier, Qazinform News Agency reported that NVIDIA CEO Jensen Huang had proposed turning Kazakhstan into a global Physical AI hub.