Nvidia Corp (NASDAQ:NVDA) CEO Jensen Huang and his wife Lori's charitable foundation is channeling more than $108 million in CoreWeave Inc. (NASDAQ:CRWV) cloud computing resources to universities and nonprofit research institutions.
Nvidia Foundation Funds AI Research Through CoreWeave
The Jen-Hsun and Lori Huang Foundation has so far purchased approximately $108.3 million worth of computing capacity from CoreWeave, Reuters reported, citing a filing on Tuesday.
The computing capacity will be distributed to academic and nonprofit organizations focused on artificial intelligence and scientific research.
The filing said the donated computing power will help recipients advance research initiatives, while Nvidia may also provide free engineering services to select institutions.
According to the Bloomberg Billionaire Index, Huang currently has a net worth of $187 billion.
CoreWeave's Strategic Importance To Nvidia
The move also strengthens CoreWeave, one of Nvidia's major infrastructure partners.
CoreWeave specializes in cloud services for AI applications and relies heavily on Nvidia's GPUs.
Earlier this year, Nvidia invested $2 billion in CoreWeave, becoming its second-largest shareholder at the time.
Nvidia also signed a $6.3 billion agreement last year, guaranteeing purchases of certain unsold cloud capacity.
Earlier this month, CoreWeave reported first-quarter revenue of $2.08 billion, surpassing analyst expectations of $1.97 billion, while total revenue surged about 112% year over year and its revenue backlog reached $99.4 billion by quarter's end.
Price Action: On Wednesday, CoreWeave shares closed up 3.3% at $111.31, with the stock rising another 1.09% to $112.52 in after-hours trading, according to Benzinga Pro.
According to Benzinga Edge Rankings, CoreWeave scores in the 84th percentile for Momentum, supported by strong performance across short, medium and long-term periods.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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