Nvidia CEO's foundation spends $108 million to purchase AI computing power for donation to research institutions

Source: Global Market Broadcast

According to a document, the foundation established by Nvidia CEO Jensen Huang and his wife Lori is purchasing computing resources from CoreWeave and donating them to universities and other non-profit organizations. The document shows that, so far, the value of this donation has reached $108.3 million.

According to the document filed on Tuesday, these computing resources will be used for scientific and artificial intelligence research. Nvidia stated in the document that it plans to offer free engineering services to some of the recipient institutions.

This donation not only demonstrates Jensen Huang's generosity, but also reflects another move by Nvidia to support CoreWeave—a cloud computing company focused on artificial intelligence applications.

Nvidia designed the graphics processing units (GPUs) that CoreWeave provides to its clients. In January this year, Nvidia invested $2 billion in CoreWeave, becoming the company’s second-largest shareholder at the time.

Last year, Nvidia entered into a $6.3 billion cloud computing capacity agreement with CoreWeave, which ensures that the AI chip company will purchase any unsold cloud capacity.

This chip giant has faced scrutiny for investing billions of dollars in AI companies, including ChatGPT developer OpenAI and neoclouds, raising investor concerns about potential circular financing.

When CoreWeave released its financial report last week, it raised the lower end of its capital expenditure expectations due to the rising prices of components.