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Nvidia to make $1 bil. investment in Naver next week

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By Yonhap
  • Published KST
Nvidia CEO Jensen Huang, left, and Lee Hae-jin, founder and chairman of Naver, shake hands during Huang's visit to the Naver1784 Building in Seongnam, Gyeonggi Province, June 8. Korea Times photo by Jung Da-bin

Nvidia CEO Jensen Huang, left, and Lee Hae-jin, founder and chairman of Naver, shake hands during Huang's visit to the Naver1784 Building in Seongnam, Gyeonggi Province, June 8. Korea Times photo by Jung Da-bin

Nvidia is scheduled to fulfill its $1 billion investment in Naver next Friday, according to the portal giant's regulatory filing Friday, a move set to make the U.S. chip giant the third-largest shareholder of the Korean IT firm.

The completion of the capital increase comes as Naver was able to secure at least $9 billion in computing infrastructure, the filing said. Naver will fix the number of common shares to be acquired by Nvidia via a rights offering on Tuesday.

Currently, Korea's national pension fund is the largest shareholder with 9.49 percent, followed by BlackRock, a global asset manager, with 7.31 percent.

The upcoming investment is part of a strategic partnership between Naver and Nvidia announced in July, to establish a massive, global artificial intelligence (AI) factory.