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CoreWeave raises $2.3 billion in debt collateralized by Nvidia chips (www.reuters.com)

submitted 1 year ago* (last edited 1 year ago) by ijeff@lemdro.id to c/technology@lemmy.world

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cross-posted from !aistuff@lemdro.id

CoreWeave, a company that provides cloud services, has secured a $2.3 billion loan using Nvidia chips as security.

This large loan reflects a growing trend of securing loans with physical assets, especially when banks aren't lending as much.

CoreWeave has grown quickly thanks to a boom in AI. It has special access to Nvidia chips, which gives it an advantage over big cloud providers like Microsoft, Amazon, and Google.

CoreWeave will use the loan to buy more chips, build data centers, and hire more staff. It's aiming to have 14 data centers in the U.S. by the end of the year.

Earlier this year, CoreWeave also raised $421 million in equity, pushing its value to over $2 billion.

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[–] bernieecclestoned@sh.itjust.works 10 points 1 year ago

So, they are raising debt secured on chips to buy more chips

Infinite money glitch