Nvidia has completed its $1 billion payment for a third-party allotment of new Naver shares, making it Naver’s third-largest shareholder with a 4.13% stake. Naver will issue 6,558,435 common shares, with the new shares scheduled for issuance on November 27. The company plans to use the proceeds for a global artificial intelligence factory initiative with Nvidia and Brookfield across Asia, Europe and the Middle East, while targeting the start of operations at a 55-megawatt facility at its Gak Sejong data center in the first half of next year.
The project’s results will depend on GPU supply, additional financing, infrastructure construction and the pace of overseas execution.