Nvidia Foundation Funds AI Research Through CoreWeave<\/p>\n
The Jen-Hsun and Lori Huang Foundation has so far purchased approximately $108.3 million worth of computing capacity from CoreWeave, Reuters reported, citing a filing on Tuesday.<\/p>\n
The computing capacity will be distributed to academic and nonprofit organizations focused on artificial intelligence and scientific research.<\/p>\n
The filing said the donated computing power will help recipients advance research initiatives, while Nvidia may also provide free engineering services to select institutions.<\/p>\n
According to the Bloomberg Billionaire Index<\/a>, Huang currently has a net worth of $187 billion.<\/p>\n CoreWeave’s Strategic Importance To Nvidia<\/p>\n The move also strengthens CoreWeave, one of Nvidia’s major infrastructure partners.<\/p>\n CoreWeave specializes in cloud services for AI applications and relies heavily on Nvidia’s GPUs.<\/p>\n Earlier this year, Nvidia invested $2 billion in CoreWeave<\/a>, becoming its second-largest shareholder at the time.<\/p>\n Nvidia also signed a $6.3 billion agreement last year<\/a>, guaranteeing purchases of certain unsold cloud capacity.<\/p>\n Earlier this month, CoreWeave reported first-quarter revenue<\/a> of $2.08 billion, surpassing analyst expectations of $1.97 billion, while total revenue surged about 112% year over year and its revenue backlog reached $99.4 billion by quarter’s end.<\/p>\n Price Action: On Wednesday, CoreWeave shares closed up 3.3% at $111.31, with the stock rising another 1.09% to $112.52 in after-hours trading, according to Benzinga Pro.<\/p>\n According to Benzinga Edge Rankings, CoreWeave scores in the 84th percentile for Momentum, supported by strong performance<\/a> across short, medium and long-term periods.<\/p>\n Disclaimer:\u00a0This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<\/p>\n Photo Courtesy: FotoField on Shutterstock.com<\/p>\n