U.S. markets close in 1 hour 7 minutes

  • S&P 500

    4,219.53
    -4.17 (-0.10%)
     

  • Dow 30

    33,779.80
    -253.87 (-0.75%)
     

  • Nasdaq

    14,161.61
    +121.92 (+0.87%)
     

  • Russell 2000

    2,283.89
    -30.80 (-1.33%)
     

  • Crude Oil

    71.05
    -1.10 (-1.52%)
     

  • Gold

    1,780.30
    -81.10 (-4.36%)
     

  • Silver

    26.06
    -1.76 (-6.32%)
     

  • EUR/USD

    1.1920
    -0.0080 (-0.67%)
     

  • 10-Yr Bond

    1.5040
    -0.0650 (-4.14%)
     

  • GBP/USD

    1.3927
    -0.0060 (-0.43%)
     

  • USD/JPY

    110.2320
    -0.3810 (-0.34%)
     

  • BTC-USD

    37,823.20
    -758.33 (-1.97%)
     

  • CMC Crypto 200

    938.27
    -31.61 (-3.26%)
     

  • FTSE 100

    7,153.43
    -31.52 (-0.44%)
     

  • Nikkei 225

    29,018.33
    -272.68 (-0.93%)
     

Nvidia to invest at least $100 million in UK supercomputer, CEO says

Stephen Nellis
·1 min read
FILE PHOTO: The logo of technology company Nvidia is seen at its headquarters in Santa Clara

By Stephen Nellis

(Reuters) -Nvidia Corp's chief executive on Thursday said the company will spend at least $100 million on a supercomputer in the United Kingdom.

Speaking at The Six Five Summit, CEO Jensen Huang said Nvidia will spend "$100 million, just as a starting point" on the Cambridge-1 supercomputer.

Nvidia had said in October it planned to spend 40 million pounds, or about $55.6 million, on the project.

Nvidia is in the process of acquiring U.K.-based chip technology firm Arm Ltd for $40 billion from Japan's SoftBank Group Corp. The deal faces pushback from Nvidia's rivals and is under regulatory scrutiny in the United Kingdom, the United States and Europe.

To show its commitment to Arm's U.K. operations, Santa Clara, California-based Nvidia said in October it was building the U.K.'s most powerful supercomputer in Cambridge, where Arm is headquartered, to focus on solving healthcare and artificial intelligence problems.

At The Six Five summit, Huang was asked about Nvidia's investment plans in the United Kingdom during a joint interview with Arm Chief Executive Simon Seagars.

"Cambridge-1, that supercomputing center is, call it a $100 million, just as a starting point," Huang said. "I mean, it's a big investment. It is the most powerful supercomputer in the U.K., and researchers are super excited about it."

(1 pound = $1.39 US Dollars)

(Reporting by Stephen Nellis in San FranciscoEditing by Chris Reese and Barbara Lewis)

Recommended Stories

  • GM says it will now spend $35 billion on electric and autonomous cars

    General Motors ups its game on electric vehicles.

  • GM increases its self-driving and EV investment to $35 billion

    GM has increased the money it's earmarking for its combined EV and self-driving investment from 2020 through 2025 to $35 billion.

  • First Patient Set To Receive Biogen's Alzheimer's Drug: Reuters

    A U.S. hospital on Wednesday will give the first infusion of Biogen Inc's (NASDAQ: BIIB) expensive, controversial Alzheimer's drug approved a week ago. Medicare had even said what it would pay for the treatment, but some doctors were upset by its approval last week. The first administration of Aduhelm (aducanumab), outside of a clinical trial, will happen in Providence, Rhode Island, at Butler Hospital's Memory and Aging Program, Reuters reported. "We are opening a new era in treatment," Brown U

  • Nvidia’s Takeover of Arm Faces Regulatory Delay in Europe – Report

    Nvidia (NVDA) will likely not be able to meet its March 2022 deadline to complete its $40 billion acquisition of Arm Ltd., according to Reuters. Shares of the multinational technology company designing graphics processing units for the gaming, mobile computing, and automotive markets were down 1.3% to close at $711.54 on June 15. The delay is due to European regulators’ unwillingness to look into the deal before the end of the summer holidays. The deal was first announced last year and led to an

  • Facebook launches ads globally for Instagram Reels

    The social media company, which is aiming to make money from its short-form video feature, began testing Instagram Reels ads in India, Brazil, Germany and Australia in April. The tests ran with brands such as BMW, Louis Vuitton, Netflix and Uber. "We see Reels as a great way for people to discover new content on Instagram, and so ads are a natural fit," said Instagram's Chief Operating Officer Justin Osofsky.

  • Federal Reserve Chairman Jerome Powell’s stock-market record is poor

    After a big update from the Federal Open Market Committee Wednesday afternoon, markets were sliding and investors shouldn't be faulted for expecting a bearish reaction.

  • The Trade Desk Stock Split Is Imminent; Here's What Investors Need to Know

    Shares of The Trade Desk (NASDAQ: TTD) are about to get a whole heck of a lot cheaper, but it isn't because the company is in any sort of trouble. In a press release announcing the move, management said that the "goal of the split is to make The Trade Desk stock more accessible to our employees and a broader base of investors." Since The Trade Desk debuted on Sept. 21, 2016, at $28.75 a share, the stock has been on fire, climbing to roughly $592 as of this writing, gaining a massive 1,959%.

  • Should You Consider Investing in Energy Transfer (ET)?

    Miller/Howard Investments, an investment management firm, published its first quarter 2021 investor letter – a copy of which can be downloaded here. Miller/Howard’s Infrastructure Strategy remains well-positioned to capitalize on momentum toward value and income stocks. The strategy has a yield over twice that of the S&P 500 and is trading well-below the broader market’s […]

  • 10 Best Undervalued Stocks to Buy Now

    In this article we will take a look at the 10 best undervalued stocks to buy now. You can skip our detailed analysis of these stocks and go directly to 5 Best Undervalued Stocks to Buy Now. The COVID-19 pandemic has brought about an unexpected turn of events with many equities now trading at a […]

  • What lumber and gold prices tell us about the stock market’s next move

    FA CENTER Lumber prices have experienced one of their biggest and quickest plunges in history— with the spot futures contract dropping more than $670, or 40%, in just 25 trading sessions. It’s human nature to try to find meaning in this, since the alternative is to accept that price changes this momentous are nothing more than merely random fluctuations.

  • 3 Big Dividend Stocks Yielding 7%; Analysts Say ‘Buy’

    Inflations fears are rising, along with the price of gasoline and lumber and milk – and, oddly, the unemployment rate. The initial unemployment claims ticked up last week, even as the number of job openings reached a record high level. Between the COVID relief bill, the infrastructure proposal, and a jobs act, the Biden Administration's spending plans are totaling $6 trillion. And with economic activity reopening after the COVID pandemic, consumers are getting out, eager to spend, and holding pl

  • Is CureVac Stock Still a Buy Following Disappointing COVID-19 Vaccine Data?

    If you’re going to be late to the party, at least don’t fall flat on your face as you enter the room. In Thursday’s trading, shares of CureVac (CVAC) shed nearly half of their value, after the company’s Covid-19 vaccine candidate made an embarrassing late-stage entrance. Specifically, in the Phase 3 trial of CVnCoV, an interim analysis of 134 Covid-19 cases showed the vaccine had an efficacy rate of 47%. Considering other already approved mRNA vaccines from Pfizer/BioNTech and Moderna showed eff

  • Lordstown Motors admits that electric truck orders aren't 'firm purchase commitments'

    Lordstown Motors drops another bombshell to investors.

  • Indian Billionaire Loses More Money This Week Than Anyone Else in the World

    (Bloomberg) -- Indian billionaire Gautam Adani’s dream run up the global wealth rankings is faltering after a media report raising questions about some offshore investors triggered a rout in his conglomerate’s six listed stocks.The 58-year-old tycoon lost more money this week than anyone else in the world, with his personal fortune tumbling by about $9 billion to $67.6 billion, according to the Bloomberg Billionaires Index based on Wednesday closing prices. Just days ago, he was closing the gap

  • The real culprit for the selloff in the stock market? Hint: It wasn’t the Fed

    The Federal Reserve was just the spark; the tinder was the excessive bullishness of market-timing traders

  • Gold Is Getting Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.

    Gold prices dropped more than $50, a day after the Federal Reserve signaled faster and sooner interest rate increases. Watch this level, say analysts.

  • Why Agenus Stock Is Marching Higher Today

    Shares of the small-cap immunotherapy company Agenus (NASDAQ: AGEN) were up by a healthy 9.98% as of 11:08 a.m. EDT Thursday morning. The biotech's stock is rising today in response to the Food and Drug Administration's acceptance of the company's Biologics License Application (BLA) for balstilimab. Balstilimab is an anti-PD-1 antibody indicated for the treatment of recurrent or metastatic cervical cancer with disease progression on or after chemotherapy.

  • 2 Stocks That Are Flirting With a Bottom; Analysts Say ‘Buy’

    Every investor knows that the path toward profits lies in buying low and selling high. That’s a basic precept of any economic trading system. The trick, however, is recognizing when the stock is low enough to buy in. The prime moment to buy is when the stock hits bottom; that will maximize returns when the share price starts to rise again. Wall Street’s analyst corps know this, and they are not shying away from recommending stocks that may have hit bottom. Using TipRanks database, we pinpointed

  • 10 Best Tech Stocks to Buy According to Billionaire Julian Robertson

    In this article, we will take a look at the 10 best tech stocks to buy according to billionaire Julian Robertson. You can skip our detailed analysis of Robertson’s history, investment philosophy, and hedge fund performance, and go directly to 5 Best Tech Stocks to Buy According to Billionaire Julian Robertson. Julian Robertson is an American […]

  • Nvidia price target boosted to Street high of $854 at Jefferies

    Shares of Nvidia Corp. are up 2.8% in Thursday morning trading after Jefferies analyst Mark Lipacis boosted his price target on the stock to $854 from $740. The new target is the highest listed on FactSet. Lipacis is more upbeat about Nvidia's prospects following a recent conversation with the company's chief financial officer, Colette Kress, which highlighted the potential for software licensing in the data center. "While software is mostly embedded within hardware sales today, enterprise AI so