Nvidia partner GMI Cloud pursues $300 million chip funding for Thailand site

The financing push

GMI Cloud, a US-based data center operator and partner of Nvidia Corp., is lining up about $300 million in debt to buy chips for an installation located at STT GDC Pte.'s site in Thailand, per individuals who requested anonymity due to the private nature of the talks. The company has reached out to banks as well as private credit funds, and the proposed terms would offer yields in the low teens.

Where the chips go, and who is in the loop

The money from the self-arranged deal would go toward buying chips for the Thailand site, and Tencent Holdings Ltd. is slated to use those chips, the people said. When contacted, representatives for GMI Cloud and for Tencent did not provide immediate comment, and STTGDC's spokesperson also declined to comment.

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Why this deal matters

AI financiers are rapidly moving from funding only data centers to also backing the advanced hardware that actually runs them. For a Taiwan project, GMI Cloud recently locked in a NT$13.9 billion ($436 million) loan, with the backing coming from agreements to deliver computing capacity using advanced chips. Banks committed to more than twice the sum the company was seeking for that deal. For anyone trying to gauge where AI infrastructure money is headed, this is a tell: lenders are getting comfortable funding the gear itself, not just the buildings around it.

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