CoreWeave Shares Sink over 7% While Nebius Fall 6%. Google and Blackstone Join Forces to Topple Nvidia's AI Cloud Dominance

Dow Jones05-19 22:14

Alphabet stock is nearing a $5 trillion market cap—and the Google parent hasn’t gotten there just by standing still.

The latest news: Google and Blackstone announced plans to create a new AI cloud company using the tech giant’s chips. The joint venture will create a new U.S.-based company offering data center capacity and Google’s Tensor Processing Unit (TPU) chips as a “compute-as-a-service” offering, the companies said.

Alphabet’s play for data center dominance is a blow to so-called neocloud providers such as CoreWeave and Nebius, which have benefited from the artificial intelligence boom and demand for cloud computing power. CoreWeave shares were down 7.2% in morning trading, while Nebius fell 6.18%.

But Google may also be trying to create an ecosystem that uses its own TPU chips. CoreWeave and Nebius largely rely on Nvidia chips—the AI chip maker has invested heavily in both.

Blackstone said it would make an initial commitment of $5 billion in equity capital with plans to bring the first 500 megawatts of capacity online in 2027 and then “scale significantly over time.”

Alphabet stock is close to the $5 trillion mark, and not far behind Nvidia’s $5.3 trillion market cap. The company has ambitions to surge past both.

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