- Apollo Global Management is close to a $3.4 billion loan deal to fund NVIDIA chips for Elon Musk‘s xAI, per reports.
- xAI is now seeking crypto experts to train its AI for trading, signaling a major push into finance.
- Apollo’s (APO) stock rose on the news after strong quarterly results highlighted $938 billion in assets under management.
Elon Musk‘s Artificial Intelligence venture, xAI, is at the center of a major financial move this week as Apollo Global Management nears finalizing a staggering multi-billion dollar loan. According to The Information, the investment firm is arranging a roughly $3.4 billion loan to purchase Nvidia chips for leasing to xAI.
The deal could be sealed this week with help from Valor Equity Partners. Consequently, this financing follows xAI‘s recent absorption by SpaceX in a trillion-dollar valuation deal.
Meanwhile, xAI is publicly recruiting crypto quantitative traders and finance experts. Its hiring message explicitly seeks candidates to analyze blockchain data and train its AI models from an investor’s perspective.
For Apollo, the news gave its stock a 1% lift on Monday despite a recent 7% monthly decline. The firm recently reported strong Q4 earnings, with adjusted net income per share at $2.47. Assets under management also surged to $938 billion, marking a 24.9% year-over-year increase.
However, broader bearish sentiment around Apollo stock persists even with this deal. After the announcement, fellow Musk-founded company Tesla also saw its shares tick higher.
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