Latest news with #Narvik
Yahoo
01-08-2025
- Business
- Yahoo
NVDA: Nvidia Smashes New Records as Microsoft, Meta Ramp Up Spending
July 31 - NVIDIA (NVDA, Financial) hits a new all-time high after climbing about 2% on Thursday morning. Investors see its GPUs as the go-to for AI model training. Warning! GuruFocus has detected 5 Warning Signs with NVDA. Microsoft (MSFT, Financial) reinforced that view by reporting fourth-quarter capital expenditures of $24 billion, well above the $21.4 billion analysts expected. Meta Platforms (META, Financial) also boosted its 2025 capex floor to $66 billion-$72 billion from $64 billion-$72 billion, signaling continued AI hardware spending. Those hefty budgets point straight back to NVIDIA's processors, with demand for its H100 and A100 chips surging in cloud data centers. A new European project, Stargate Norway, a partnership of OpenAI, Nscale and Akerplans to deploy 100,000 NVIDIA GPUs in Narvik by end-2026, running AI workloads on renewable energy. Rival chipmakers felt the lift too: Advanced Micro Devices (AMD, Financial) inched up about 2%, while Broadcom (AVGO, Financial) added 1% before the opening bell. With AI investments accelerating, NVIDIA's rally underscores its central role in powering next-gen computing. Based on the one year price targets offered by 53 analysts, the average target price for NVIDIA Corp is $184.95 with a high estimate of $372.87 and a low estimate of $100.00. The average target implies a upside of +3.17% from the current price of $179.27. Based on GuruFocus estimates, the estimated GF Value for NVIDIA Corp in one year is $280.31, suggesting a upside of +56.36% from the current price of $179.27. Gf value is Gurufocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. For deeper insights, visit the forecast page. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
01-08-2025
- Business
- Reuters
OpenAI to build its first European data centre in Norway, with partners
OSLO, July 31 (Reuters) - OpenAI is launching its first Stargate data centre project in Europe, partnering with developer Nscale Global Holdings and investment group Aker ASA ( opens new tab to open a $1-billion facility in Norway next year, the companies said on Thursday. The artificial intelligence partnership, called Stargate Norway, will initially install 100,000 Nvidia (NVDA.O), opens new tab processors and could see a tenfold expansion in future phases amid soaring AI demand, the companies said. The centre, to be built near Narvik in northern Norway, is the first in Europe under OpenAI's Stargate programme and follows the recent announcement of similar-sized Stargate UAE in the United Arab Emirates, the U.S. tech firm said. The gigafactory will be fully powered by renewable energy from local hydropower production, the companies added. "Infrastructure like this is really important and unlocks a ton of potential for developers, researchers, scientists, and startups all across Norway and Europe," OpenAI CEO Sam Altman said in a video presentation. The shares of Norwegian conglomerate Aker ASA rose 11% to a two-year high of 729 Norwegian crowns before paring gains to trade at 717 crowns at 1337 GMT. Nscale and Aker will jointly own Stargate Norway with 50% stakes each, investing about $1 billion for the initial phase of the project, which will consume about 20 megawatts of electrical power capacity and have OpenAI as its first customer. Aker said it was working with local power producer Nordkraft to secure access to enough electricity to allow Stargate to increase its consumption to 230 MW and eventually add a further 290 MW. An Aker spokesperson declined to comment on investment costs beyond the initial commitment or a time frame for the additional capacity. The facility will run on Nvidia's advanced GB300 Superchip processors, connected by the U.S. company's high-speed NVLink network technology, Nvidia CEO Jensen Huang said in the video presentation. The facility will be among the first AI gigafactories in Europe, Nscale CEO Josh Payne said in the statement. "Sovereign, scalable, and sustainable infrastructure is now essential to remain competitive," he added.
Wall Street Journal
31-07-2025
- Business
- Wall Street Journal
OpenAI Strikes Partnership to Bring Stargate to Europe
OpenAI is joining forces with two European companies to set up a data center in Norway, the ChatGPT maker's first project of this kind on the continent as it seeks to expand artificial-intelligence infrastructure outside the U.S. Dubbed Stargate Norway, the project is expected to house 100,000 Nvidia NVDA 0.85%increase; green up pointing triangle graphics-processing units by the end of next year. OpenAI is partnering with AI infrastructure company Nscale Global Holdings and industrial group Aker to set up the facility in Kvandal, just outside Narvik in northern Norway.
Yahoo
31-07-2025
- Business
- Yahoo
NVDA: Nvidia Smashes New Records as Microsoft, Meta Ramp Up Spending
July 31 - NVIDIA (NVDA, Financial) hits a new all-time high after climbing about 2% on Thursday morning. Investors see its GPUs as the go-to for AI model training. Warning! GuruFocus has detected 5 Warning Signs with NVDA. Microsoft (MSFT, Financial) reinforced that view by reporting fourth-quarter capital expenditures of $24 billion, well above the $21.4 billion analysts expected. Meta Platforms (META, Financial) also boosted its 2025 capex floor to $66 billion-$72 billion from $64 billion-$72 billion, signaling continued AI hardware spending. Those hefty budgets point straight back to NVIDIA's processors, with demand for its H100 and A100 chips surging in cloud data centers. A new European project, Stargate Norway, a partnership of OpenAI, Nscale and Akerplans to deploy 100,000 NVIDIA GPUs in Narvik by end-2026, running AI workloads on renewable energy. Rival chipmakers felt the lift too: Advanced Micro Devices (AMD, Financial) inched up about 2%, while Broadcom (AVGO, Financial) added 1% before the opening bell. With AI investments accelerating, NVIDIA's rally underscores its central role in powering next-gen computing. Based on the one year price targets offered by 53 analysts, the average target price for NVIDIA Corp is $184.95 with a high estimate of $372.87 and a low estimate of $100.00. The average target implies a upside of +3.17% from the current price of $179.27. Based on GuruFocus estimates, the estimated GF Value for NVIDIA Corp in one year is $280.31, suggesting a upside of +56.36% from the current price of $179.27. Gf value is Gurufocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. For deeper insights, visit the forecast page. This article first appeared on GuruFocus.
Yahoo
31-07-2025
- Business
- Yahoo
Nscale, Aker and OpenAI to establish Stargate Norway: a 100,000 NVIDIA GPU AI Gigafactory powered by renewable energy in Northern Norway
In a landmark partnership, Stargate Norway plans to deliver renewable-powered, sovereign AI infrastructure, marking OpenAI's first gigafactory initiative in Europe OSLO, Norway, July 31, 2025 /PRNewswire/ -- Nscale Global Holdings Ltd. ("Nscale"), Aker ASA ("Aker") and OpenAI today announced the launch of Stargate Norway: an advanced AI infrastructure project in Narvik, Northern Norway. Powered entirely by renewable energy, the facility will target to deliver 100,000 NVIDIA GPUs by the end of 2026, with ambitions to scale significantly in the years ahead. Stargate Norway will be designed to provide secure, scalable, and energy-efficient infrastructure for sovereign AI workloads across Europe, fully aligned with European regulatory frameworks. The initiative is led by global AI infrastructure provider Nscale, in partnership with Aker and OpenAI. Stargate Norway is planned to deliver 230MW of capacity, with ambitions to expand by an additional 290MW – positioning it among the most significant AI infrastructure investments in Europe. The project marks OpenAI's first data centre initiative on the continent and the inaugural European site under its 'OpenAI for Countries' programme. The facility will be located in Kvandal, just outside Narvik – a region characterised by abundant hydropower, low local electricity demand, and limited transmission capacity. These conditions result in power prices well below the European average, complemented by a cool climate and established industrial infrastructure, making Narvik an ideal location for large-scale data operations. Stargate Norway is projected to generate significant activity and a long-term operational presence in the Narvik region. The project will also collaborate with local and regional academic institutions to advance AI research and development, supporting the growth of regional expertise and innovation in Northern Norway. "Announcing Stargate Norway and delivering one of the first European AI Gigafactory to market is a strategic milestone for the region and boosts its role in the global AI landscape," said Josh Payne, CEO of Nscale. "Sovereign, scalable and sustainable infrastructure is now essential to remain competitive. We're proud to partner with Aker, drawing on the team's extensive experience and impressive track record, to deliver a new generation of AI economic and productivity growth in Europe. Together, we are combining OpenAI's leading models with Nscale's vertically integrated AI cloud, to provide the sustainable infrastructure necessary to support public benefit, build industrial resilience and enable long-term regional innovation." The site will be designed and built by Nscale, leveraging its experience in delivering sovereign-grade AI infrastructure across Europe. It will be owned by a 50/50 joint venture between Nscale and Aker, to be formed through wholly owned subsidiaries of Aker following the planned merger with Aker Horizons. Completion of the joint venture is subject to agreed-upon closing conditions. In parallel, Nscale and Aker will begin preparatory steps and mobilise resources for construction activities. Both parties have committed approximately USD 1 billion to the initial 20MW phase of the project, including upwards of USD 250 million in equity on a 100% basis, where each partner will contribute equally. The Kvandal site alone has the potential to scale tenfold in future phases as customer contracts are secured. OpenAI welcomes the opportunity to be an initial offtaker with the option to scale over time under its 'OpenAI for Countries' programme. "Norway has a proud history of turning clean, renewable energy into industrial value, powering global industries like aluminium and fertiliser," said Øyvind Eriksen, President & CEO of Aker. "Today, artificial intelligence and advanced data operations represent the next wave of value creation. Northern Norway, with its surplus of clean energy, available capacity, and industrial readiness, is the ideal launchpad for this transformation. With Stargate Norway, we're creating new jobs, activity, and long-term opportunities in Narvik and the region. For Aker, this is a natural evolution of our industrial platform. As data centres shift from cost centres to value-generating assets, Norway's energy advantage becomes a catalyst for the next generation of digital industry. We're proud to help drive this development alongside Nscale, OpenAI, and local stakeholders." "Europe needs more compute to realize the full potential of AI for all Europeans — from developers and researchers to startups and scientists — and we want to help make that happen," said Sam Altman, CEO of OpenAI. "I've always said we'd love to bring Stargate to Europe if the conditions are right, and we think we've found that in Narvik with clean, affordable energy, ideal climate, and great partners in Nscale and Aker. Stargate Norway will help provide the compute power to drive the next wave of AI breakthroughs and economic progress for Europe, in Europe." The consortium behind Stargate Norway has made long-term sustainability a core principle of the project. The facility will run entirely on renewable power and is expected to incorporate closed-loop, direct-to-chip liquid cooling to ensure maximum cooling efficiency. Additionally, excess heat from the GPU systems will be made available to support low-carbon enterprises in the region. As OpenAI customers, Aker and Nscale will benefit from local access to models and AI services delivered via sovereign infrastructure. They will also offer priority access to Norway's AI ecosystem, enabling homegrown startups and researchers to leverage world-class compute resources. Surplus capacity is expected be made available to public and private sector users across the UK, Nordics, and Northern Europe, supporting regional demand and contributing to the broader development of Europe's AI ecosystem. An announcement video featuring remarks from Sam Altman (OpenAI), Øyvind Eriksen (Aker), Josh Payne (Nscale), and Jensen Huang (NVIDIA) is now available. Watch the full video here: Notes to Editors: Wikborg Rein Advokatfirma AS and Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal advisers to Aker in the transaction, with Citigroup acting as financial & Co Advokatfirma AS, Milbank LLP, and Winston & Strawn LLP are serving as legal advisers to Nscale, with Goldman Sachs acting as financial adviser. About Nscale Nscale is the global hyperscaler engineered for sovereign-grade AI infrastructure, delivering compute to the generative AI market at scale. Through its fully vertically integrated suite of AI solutions and GW+ greenfield data centres across Europe and North America, Nscale enables customers to run efficient and scalable AI training, fine-tuning, and inferencing workloads. About OpenAI OpenAI is a leading research and deployment company with a mission to ensure artificial intelligence benefits all of humanity. About Aker Aker ASA ("Aker") is an industrial investment company headquartered in Fornebu, Norway. Founded in 1841, Aker develops industrial front-runners and creates long-term shareholder value through active ownership. The company is listed on the Oslo Stock Exchange and is majority-owned by TRG, a company controlled by Aker's Chairman, Kjell Inge Røkke. Aker's portfolio spans energy, industrial software, renewables, marine biotechnology, and seafood. It is the largest shareholder in several listed and privately held companies, combining deep industrial expertise with financial strength and capital market insight to support the development and performance of its portfolio companies. This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on July 31, 2025, 07:00 CEST. 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