Global Market Update | South Korea’s Naver jumps 10% on Nvidia’s $1 billion investment plan
Shares of South Korean internet and cloud service giant Naver jumped more than 10% on Monday after it said Nvidia would acquire $1 billion of its new shares to finance a project to expand an AI data centre.
The investment comes after the two firms and investment group Brookfield announced on Friday plans to expand Naver’s AI data centre in South Korea with up to $10 billion in funding.
Naver said on Monday it will place 7.2 million new shares with Nvidia for 204,500 won each, or a 1% discount to its closing price on Friday, as part of the agreement. Brookfield will provide up to $9 billion in financing as the project’s capital partner, Naver added.
