Apollo said to be close to $3B chip deal linked to xAI

 Apollo Global Management, Inc. is close to making a deal that would see it lend approximately $3.4 billion to an investment vehicle for the purchase of Nvidia Corp.'s semiconductors that would then be leased to xAI, the Information reported on Monday, citing a source familiar with the matter.

The source explained that with this move, Apollo is looking to help xAI with its financial burdens, as the latter has been burning money on big AI data centers. According to the media outlet, since last year, xAI has been spending more than $1 billion dollars on a monthly basis. The deal could be done as soon as this week.

It was further mentioned that Apollo agreed to the deal before the merger announcement between xAI and SpaceX happened.

https://breakingthenews.net/Article/Apollo-said-to-be-close-to-dollar3B-chip-deal-linked-to-xAI/65631970