Intel's Rights Offering and NVIDIA's Financing Push Expand Big Tech's AI Infrastructure Investment Race

Competition among Big Tech companies to invest in artificial intelligence (AI) infrastructure is heating up, despite concerns over overinvestment and profitability.
Intel, the U.S. semiconductor company, has launched its first public equity offering since going public to fund investment in AI chips. On the 10th, local time, Intel disclosed that it would raise $15 billion, or about 21.2 trillion won, through an offering of additional common shares. It is the company's first large-scale share offering since its 1971 listing.
Intel is also planning an additional equity raise of $5 billion, about 33% more than the initial amount. If completed, the total capital raise would increase to $20 billion, or about 28.31 trillion won. The company is seeking to expand the offering as demand for AI chip investment surges past $100 billion. Intel explained the move by saying, "Customers are making unprecedented investments in AI computing, and a sustainable demand environment continues," adding, "Advances in physical AI, dedicated chips, advanced packaging, and external wafers offer important growth opportunities." It also said the proceeds from the new shares will be used for capital expenditure (CapEx) and working capital related to AI infrastructure investment.
The company added that the offering would help it maintain a solid financial structure and an investment-grade credit rating, while positioning it to pursue future growth opportunities. The move is also intended to secure favorable borrowing terms if it issues more corporate bonds later.
Meanwhile, NVIDIA is also building an AI infrastructure financing platform with major Wall Street financial firms, aiming to mobilize more than $500 billion, or about 710 trillion won.
In a statement the same day, NVIDIA said it had signed separate memorandums of understanding (MOU) with six financial firms — Apollo Global Management, BlackRock, Blackstone, Brookfield Asset Management, Goldman Sachs, and KKR — to create a large dedicated funding pool for AI infrastructure across the NVIDIA ecosystem. Goldman Sachs Chief Executive Officer (CEO) David Solomon said, "NVIDIA's full-stack platform is at the center of this buildout," adding, "We are excited about the opportunity to create a new credit market backed by NVIDIA compute."
NVIDIA CEO Jensen Huang said in a statement, "We are helping create a new kind of infrastructure that is productive and investable — an 'AI Factory'" and added, "In AI, compute is revenue."
[email protected] Lee Seok-woo, International Affairs Reporter