Nvidia to make $1 bil. investment in Naver next week
Nvidia is scheduled to fulfill its $1 billion investment in Naver next Friday, according to the portal giant's regulatory filing Friday, a move set to make the U.S. chip giant the third-largest shareholder of the Korean IT firm. The completion of the capital increase comes as Naver was able to secure at least $9 billion in computing infrastructure, the filing said. Naver will fix the number of…
Nvidia CEO Jensen Huang and Naver's founder and chairman, Lee Hae-jin, exchanged pleasantries during Huang's visit to Naver's Seongnam headquarters on June 8, according to a Korea Times report. Later this week, Nvidia plans to finalize its $1 billion investment in the Korean IT firm, making it the third-largest shareholder, the portal giant announced in a regulatory filing on Friday.
This strategic move comes as Naver has secured a substantial $9 billion in computing infrastructure, as indicated in the filing. The investment will be made through a rights offering, with the exact number of shares to be determined on Tuesday. At present, Korea's national pension fund holds the largest stake at 9.49 percent, followed by BlackRock, a global asset manager, with 7.31 percent.
The partnership between Naver and Nvidia, which was announced in July, aims to create a vast, global artificial intelligence (AI) manufacturing facility.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Nvidia to make $1 bil. investment in Naver next week koreatimes.co.kr
- Nvidia to make US$1 billion investment in Naver next week en.yna.co.kr
