Nvidia takes $1 billion stake in Nokia

Nokia announced on Tuesday that Nvidia will purchase $1 billion in new Nokia shares, solidifying a partnership that will see Nvidia chips used to build cellular equipment.

The two companies also struck a strategic partnership to work together to develop next-generation 6G cellular technology. Nokia will issue over 166 million new shares.

Nokia said that it would use the proceeds to fund its plans for AI and other general corporate purposes.

Nokia, a Finnish company, is best known for its early cell phones, but in recent years, it has primarily been a supplier of 5G cellular equipment to telecom providers.

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