Tether Group, the company behind the stablecoin Tether (USDT), has purchased 10,000 Nvidia H100 graphics processing units (GPUs).
Tether Buys Nvidia's Graphics Processors
Tether Group, the company behind the stablecoin Tether (USDT), has purchased 10,000 Nvidia H100 graphics processing units (GPUs), a popular computer chip used for artificial intelligence (AI) applications. The deal, worth $420 million, involves Tether gaining a 20% stake in Northern Data, a German-listed Bitcoin miner. Northern Data plans to rent the GPUs to AI startups.
Nvidia’s GPUs are widely used in data centers and cloud computing applications, making it highly sought after. The company's market capitalization has exceeded $1 trillion, making it one of the most valuable companies in the world.
This comes amidst a trend of Bitcoin and crypto miners switching to renting out their GPUs to take advantage of the booming AI industry. According to Northern Data, the deal could see it become one of Europe's largest cloud GPU operators, apart from cloud computing giants like Amazon, Oracle and Microsoft.
Tether Group's investment even surpasses some nations, like the UK which plans to spend $100 million on GPUs. However, the transaction, conducted through an Irish shell company called Damoon, is complex and yet to be finalized.
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