Upstage Talks to Buy 10,000 AMD AI Chips as Nvidia Invests $2B in Nebius
Korea’s Upstage is in talks to buy 10,000 AMD MI355 AI chips following a Seoul meeting between Lisa Su and Sung Kim, aiming to cut Nvidia GPU reliance for its 200-billion-parameter model competition. Nebius raised $4.34B in convertible notes while Nvidia invested $2B into its AI infrastructure.
1. AMD-Upstage Negotiations
AMD is in discussions with South Korea's Upstage to supply 10,000 MI355 AI accelerators after a recent Seoul meeting between AMD CEO Lisa Su and Upstage CEO Sung Kim. Upstage plans to use these chips to power its 200-billion-parameter large language model competition and reduce reliance on Nvidia GPUs.
2. Nebius Convertible Debt Raise
Nebius Group issued $2.58 billion of 1.25% convertible notes due 2031 and $1.75 billion of 2.625% notes due 2033, with a $262.5 million overallotment option, bringing the total to about $4.34 billion. The funds are earmarked for accelerating data center buildout to meet growing AI infrastructure demands.
3. Nvidia’s Strategic Investment
Nvidia has committed $2 billion into Nebius to support its AI infrastructure expansion, reinforcing its ecosystem presence and signaling confidence in Nebius’s role in servicing major AI clients. This investment complements Nvidia’s broader strategy to secure robust supply chains and infrastructure partnerships.