Shares in Naver rose more than 10% on July 27 after the South Korean internet and cloud company said Nvidia would buy US$1 billion of new shares.

Naver said it would issue 7.2 million shares to Nvidia at 204,500 won (US$140) each.

Brookfield, an investment group, will provide up to US$9 billion for the Sejong project.

The data center expansion is set to reach 200 megawatts by 2028, and Nvidia would hold a 4.5% stake in Naver after the deal.

Based on Naver’s 151 million shares outstanding, the issuance would increase the company’s share count by about 4.8%, in line with Naver’s statement that Nvidia would hold about 4.5% after the deal.

The expansion will use Nvidia’s Vera Rubin and Blackwell chip platforms.

🔗 Source: Reuters

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