Technology · 3 hours ago
Meta raises $95 billion for AI expansion, Nvidia buys shares.
Ana.pullse via Wikimedia Commons (CC BY-SA 4.0)
The tech firm is selling shares in its biggest-ever cash raise, needing the money for data centres to compete with rivals like OpenAI. Major chip suppliers Nvidia, AMD and Broadcom want to purchase up to $5 billion of the stock. Building these systems is extremely expensive, and the heavy investment caused the company to lose $2.12 billion in cash over the third quarter.
Reported by Reuters · How we write briefs