CapitalAsia-Pacific

Nvidia-Backed Firmus Scraps $5 Billion Australia IPO as Markets Wobble

Credited to The Information$ · theinformation.com17h ago

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Firmus Grid, an AI cloud company backed by Nvidia, has pulled what would have been Australia’s biggest initial public offering in almost 30 years. The Sydney-based company had planned to raise nearly $5 billion at a valuation above $30 billion. It cited market volatility and…

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Chips & Supply · United States

Tech sector pours $2.4B in AI tools, compute credits for Genesis Mission Consortium

Credited to FedScoop · fedscoop.com · 1d ago

Technology companies are putting more money into the Genesis Mission, according to a White House announcement Thursday.

The 11 partners have committed $2.4 billion in AI tools and compute credits for the Genesis Mission Consortium, which is supposed to serve as a collaborative hub for public-private partnership through working groups and other avenues.

Nvidia is investing the most resources with a tab of $1 billion, followed by AMD’s $500 million commitment and OpenAI’s $200 million investment. Anthropic and Google are also putting capital towards the consortium.

The Department of Energy has leaned heavily on private-sector partners to advance its Genesis Mission goals, which include creating an AI-powered national platform.

The consortium was established in February as a way to facilitate “ pooled expertise and co-creation efforts.” Its ranks have continued to grow as the Genesis Mission has broadened to include more than a dozen federal agencies.

In addition to the consortium, securing private-sector partners was a requirement for large team applications to a Genesis Mission funding opportunity that totalled $293 million. Industry partners were also encouraged for small team applications, but not required. Even so, more companies were part of the initial 278 team-based awards announced this summer than any other group, such as universities, national labs and nonprofit organizations.

The latest private-sector investments were unveiled by the White House alongside other science initiatives, such as a DOE and National Science Foundation investment in autonomous laboratories.