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Nvidia pours $3B into Meta's record $97.5B AI stock offering

Chipmakers bankrolling their biggest customers' spending sprees raises fresh questions about circular financing in the AI boom.

• Nvidia will invest $3 billion in Meta's equity offering as the two companies expand their partnership around Meta's Muse AI agent and its underlying infrastructure.
• Muse, internally known as Hatch, is Meta's AI agent platform central to CEO Mark Zuckerberg's push for 'personal superintelligence' across the company's apps.
• The investment is part of Meta's record $97.5 billion equity raise, including $25B in common stock at $625/share, $12.5B in convertible preferred shares, and a $60B at-the-market program.
• AMD is separately investing $1 billion in the same offering, with Broadcom among chipmakers that expressed interest in buying up to $5 billion combined.
• Meta will expand deployment of Nvidia's Vera Rubin and Vera CPUs alongside Spectrum-X networking and BlueField-4 to scale training and inference for Muse.
• Earlier in 2026, Nvidia provided a $105 billion backstop for an OpenAI data-center lease, underscoring its growing role as financier to the broader AI buildout.
• The deal highlights a tightening loop where AI chipmakers fund the same customers buying their hardware, blurring the line between vendor and investor and inviting scrutiny over whether AI demand is being artificially propped up.