Apollo Is Vastly Outspending the Neoclouds on AI Chips

What happened: Apollo Global Management will buy Nvidia Vera Rubin chips through a subsidiary and lease them to SpaceX, after a June deal to buy Google tensor processing units and lease them to Anthropic. Key numbers: $40 billion worth of Nvidia chips leased to SpaceX. $35 billion fundraising in June involving Broadcom and Blackstone. Why it matters: The deals mark Apollo, a 36-year-old private equity giant, as a new big player in the AI race and show it vastly outspending the neoclouds on AI chips.

Apollo Global Management will buy Nvidia Vera Rubin chips through a subsidiary and lease them to SpaceX, after a June deal to buy Google tensor processing units and lease them to Anthropic.

The deals mark Apollo, a 36-year-old private equity giant, as a new big player in the AI race and show it vastly outspending the neoclouds on AI chips.