The asset management giant is committing US$500 million to the investment vehicle, while Saudi Arabia’s wealth fund, the Public Investment Fund, will contribute the rest alongside other regional and global partners. (Bloomberg)
Under the deal, the AI startup will get access to Nvidia’s newest AI infrastructure, increasing its compute capacity “by an order of magnitude.” Nvidia has also made a financial investment, which sources told Bloomberg is worth US$5 billion. Neither side disclosed the amount of capital or number of chips involved. (The Logic, Bloomberg)
Open-weight systems—which users can download, modify and run themselves—let both the private and public sectors use AI more cheaply and efficiently, and give users more control over the technology, backers said in a letter published Friday. So far, 77 technology companies, investors and foundations have signed, including Cohere, Google, Meta, Microsoft, Nvidia and OpenAI. (The Logic)
Investors in the Spanish firm’s Series C round included National Bank’s NAventures, as well as venture units of major European firms BNP Paribas, Orange and Scania. The financing values Multiverse at US$1.7 billion before the new capital. (The Logic)
The initial public offering price of $6.90 is in line with what the miner expected when it started its road show earlier in the week, but the total offering size is larger than the $363 million it originally forecast. On its first trading day, shares rose as much as 3.6 per cent above the list price, but were nearly flat by Friday afternoon. Mining magnate Pierre Lassonde is the board chair at the company, which is exploring for deposits in Ontario and Quebec around a historical mining site. (The Logic)
The 10 per cent tariff will stack on top of the 50 per cent levy U.S. President Donald Trump proposed Monday on a broad range of Canadian exports. However, this new round will not include goods that are covered under the Canada-United States-Mexico Agreement (CUSMA). (The Logic)
California Democrat Ted Lieu and Texas Republican Nathaniel Moran introduced legislation Thursday that would require firms developing the most powerful AI models to also create the technical ability to “throttle, suspend, or shut them down.” The U.S. government would be able to order companies to hit the kill switch. (The Logic)
The Canadian consulting and engineering firm said that the cash-and-stock deal for its Amsterdam-based rival would give the combined firm access to more geographic markets, data, clients and domain expertise. Arcadis said it was reviewing the offer of €51.5 per share, but had rejected an earlier offer of €48.5 per share because it was too low and did not address concerns around issues like “cultural fit” and deal certainty. (The Logic)
Prime Minister Mark Carney admitted doing a bad job of explaining how the deal to pay the United States to open the new bridge between Ontario and Michigan works, conceding that it means giving the U.S. government a share of proceeds before putting anything toward the debt Canada took on to finance the multibillion-dollar project. “I should have been clear,” Carney said Thursday, after meeting provincial premiers in Charlottetown. (The Logic)
The company, which sells fibre supplements and other health foods like mushroom coffee and smoothie mixes, expects to roll out in 1,500 U.S. retail shops this year. Angel investors who work at companies like Shopify and Frito-Lay funded the Series A round, Organic Traditions said, but it did not name them. (The Logic)