A group of financial firms, including Apollo Global and Blackstone, is working with Nvidia to put together a $500 billion funding package for AI infrastructure development, a person familiar with the matter told Reuters on Monday.
Nvidia’s shares fell over 3% in afternoon trading.
The tie-up highlights Nvidia’s efforts to raise capital for the chips, power generation and data centers underpinning the AI boom.
Big Tech companies have signaled that spending on AI would not slow down, with combined outlays set to surpass $730 billion this year.
The group, which also includes BlackRock’s Global Infrastructure Partners, Brookfield Asset Management, Goldman Sachs and KKR is in talks to partner with Nvidia on the AI build-out, according to the Financial Times, which reported the development first.
BlackRock and KKR declined to comment when contacted by Reuters, while Nvidia and the other companies did not immediately respond to requests.
Nvidia said in June it would raise $25 billion through a U.S. bond issuance, as it taps the debt market to increase liquidity for the first time since 2021.