SANTA CLARA (dpa-AFX) - In the latest strategic move for the AI chipmaker, Nokia announced on Tuesday that Nvidia will purchase a $1 billion stake in the Finnish networking company.
As part of the agreement, Nokia will issue more than 166 million new shares, with the money raised going toward funding its AI projects and other business needs.
With Nokia modifying its 5G and 6G software to run on Nvidia's chips, the companies also announced a collaboration to jointly develop next generation 6G technology.
In an effort to strengthen their partnership, Nvidia is also thinking about incorporating Nokia's networking technologies into its plans for AI infrastructure.
The announcement comes as Nvidia CEO Jensen Huang is giving the keynote address at the company's developer conference in Washington, D.C., where more information about the collaboration is anticipated.
After recent investments in Intel, OpenAI, Wayve, and U.K. cloud provider Nscale, the investment carries on Nvidia's aggressive expansion strategy in the AI ecosystem.
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