Nvidia finalizes payment of $1 bil., acquires over 4% stake in Naver

Nvidia Corp. has finalized its payment of $1 billion of investments to Naver Corp. on Friday and acquired 4.13 percent of the portal operator's shares through a third-party rights offering. The South Korean company said it has issued over 6.5 million shares through a private placement involving the U.S. chipmaker, after receiving 1.3 trillion won ($1 billion) in proceeds, according to its regulatory filing. Nvidia's stake acquisition of Naver is set to speed up their joint artificial intelligence (AI) factory venture announced in June. Naver plans to construct graphics processing unit (GPU)-based infrastructure, starting with its Gak Sejong data center in the central city, to expand its GPU-as-a-service businesses.