Nvidia to make US$1 billion investment in Naver next week
SEOUL, Oct. 30 (Yonhap) -- Nvidia Corp. is scheduled to fulfill its US$1 billion...
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.
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- Nvidia to make $1 bil. investment in Naver next week koreatimes.co.kr
