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Luke Kawa

Brookfield launches $100 billion AI infrastructure program with Nvidia and Kuwait’s sovereign wealth fund as investors and founding partners

Brookfield is launching an Artificial Intelligence Infrastructure Fund with the goal of buying up to $100 billion in (as the name suggests) AI infrastructure assets “across every stage of the value chain — from energy and land to data centers and compute.”

The fund hopes to raise $10 billion in equity, and has already received $5 billion in capital commitments from the parent company, Nvidia, and the Kuwait Investment Authority (the nation’s sovereign wealth fund).

“BAIIF will prioritize investments backed by highly creditworthy counterparties and contracted cash flows,” per the press release.

The four areas of physical infrastructure the fund will focus on are:

  • AI factories primarily built on Nvidia’s DSX Vera Rubin-ready reference design;

  • Dedicated behind-the-meter power solutions (that is, power generation installed on-site rather than drawing from the grid);

  • Compute infrastructure including integrated solutions tailored for governments and leading global enterprises (read: Nvidia GPUs as part of a bundled full-stack offering provided by Brookfield); and

  • Strategic adjacencies and capital partnerships across the entire AI value chain (or, anything else in the AI supply chain worth being a part of).

Again, like in Tuesday’s partnership between Anthropic, Microsoft, and Nvidia, there’s a bit of circularity in the deal: Nvidia invests money that will be used to invest in projects that utilize its GPUs.

Brookfield pointed to its recent $5 billion pact with Bloom Energy, which sees the fuel cell company become the preferred on-site power provider for Brookfield’s global AI factories, as an example of a project this fund would look to back.

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Luke Kawa

Oklo surges after signing contract with Siemens Energy to accelerate progress of its advanced fission power plant

Oklo is soaring in early trading after the nuclear energy company signed a binding contract with Siemens Energy for steam turbine and generator systems to advance its nuclear power plant.

As part of the agreement, Siemens Energy will “begin engineering and design work to expedite procurement of long-lead components and initiate the manufacturing process for the power conversion system” for the Aurora powerhouse, a brand of advanced fission power plant under construction at the Idaho National Laboratory.

Building and getting power plants up and running is a necessary prerequisite for Oklo to shed its label as a “zero revenues” company as it aims to meet the growing need for power spurred by the AI boom.

Per the press release, “This contract with Siemens Energy for the power conversion system helps to de-risk supply chain and production timeline challenges and demonstrates concrete execution capability.”

Shares of Oklo lost nearly half their value from mid-October through mid-November as part of a broad downturn in speculative stocks.

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Max Knoblauch

Unity surges on partnership with its biggest development rival, “Fortnite” maker Epic Games

Epic and Unity Software, two fierce game development rivals, have announced a partnership to bring games made on Unity’s engine to “Fortnite.” Unity shares surged on the announcement.

Epic has made an effort in recent years to become more of a platform, filled with user-created islands similar to Roblox. Epic CEO Tim Sweeney told the Verge that the Unity partnership will “greatly expand the developer base.”

According to the announcement, developers will have the ability to publish Unity games on “Fortnite” and become a part of the game’s creator economy.

“Just like the early days of the web, we believe that companies need to work together in order to build the open metaverse in a way that’s interoperable and fair,” Sweeney said in a statement.

At the end of last year, Epic said it had 70,000 creators that had made 198,000 islands. Unity’s more than 1.2 million monthly active users have the potential to vastly expand those numbers. Shares of Roblox fell following the news, trading down more than 6% on Wednesday.

Fortnite is getting Unity games

Fortnite is getting Unity games

According to the announcement, developers will have the ability to publish Unity games on “Fortnite” and become a part of the game’s creator economy.

“Just like the early days of the web, we believe that companies need to work together in order to build the open metaverse in a way that’s interoperable and fair,” Sweeney said in a statement.

At the end of last year, Epic said it had 70,000 creators that had made 198,000 islands. Unity’s more than 1.2 million monthly active users have the potential to vastly expand those numbers. Shares of Roblox fell following the news, trading down more than 6% on Wednesday.

J. Edward Moreno
3h
Target drops after trimming its profit outlook as demand softens

The company reported earnings on Wednesday.

People shopping at one of the Target stores
markets
Tom Jones & David Crowther

Plug Power’s stock sinks on refinancing as company announces $375 million convertible senior notes offering

Plug Power, the hydrogen fuel supply company and part-time meme stock, was sent plummeting after-hours last night on news of a private convertible notes offering and refinancing, with the stock still down more than 15% as of 5:25 a.m. ET.

The offering comes with a provision to be upsized, and the company expects the initial sale of the notes to close on November 21, raising ~$347 million after expenses and discounts (or approximately $399 million if the initial purchasers exercise their option to purchase additional notes in full). The new notes will accrue interest at a rate of 6.75% per year and will mature in 2033, unless repurchased, redeemed, or converted earlier.

The offering will be used to clear older debts.

Per the press release, some $245.6 million of net proceeds will go toward paying off its 15% secured debentures, while the remaining $101.6 million will be combined with cash on hand to repurchase approximately $138 million worth of Plug Power’s 7.00% convertible senior notes due 2026.

The refinancing essentially swaps some debt paying 15% (and other debt paying 7% due in 2026), for some debt due 2033 with a lower interest rate. However, the deal naturally comes with the possibility of more dilution for shareholders, with the new notes convertible to equity at an initial conversion price of approximately $3.00 per share.

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Plug Power Inc. Announces Private Offering of $375 Million of Convertible Senior Notes

Plug Power Inc. Announces Private Offering of $375 Million of Convertible Senior Notes

The offering comes with a provision to be upsized, and the company expects the initial sale of the notes to close on November 21, raising ~$347 million after expenses and discounts (or approximately $399 million if the initial purchasers exercise their option to purchase additional notes in full). The new notes will accrue interest at a rate of 6.75% per year and will mature in 2033, unless repurchased, redeemed, or converted earlier.

The offering will be used to clear older debts.

Per the press release, some $245.6 million of net proceeds will go toward paying off its 15% secured debentures, while the remaining $101.6 million will be combined with cash on hand to repurchase approximately $138 million worth of Plug Power’s 7.00% convertible senior notes due 2026.

The refinancing essentially swaps some debt paying 15% (and other debt paying 7% due in 2026), for some debt due 2033 with a lower interest rate. However, the deal naturally comes with the possibility of more dilution for shareholders, with the new notes convertible to equity at an initial conversion price of approximately $3.00 per share.

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markets
Matt Phillips

Constellation rises on federal loan for Three Mile Island restart

Constellation Energy got a boost after the federal government said it will extend $1 billion in financing to the effort to restart the mothballed Three Mile Island nuclear plant, with shares in the company up 3% as of 4:45 a.m. ET on Wednesday.

Constellation Energy, which owns the largest fleet of nuclear power plants in the US, announced in September 2024 that it planned to restart a reactor at the site as part of a 20-year deal to supply power to Microsoft’s AI data center division.

The loan will go to help cover some $1.6 billion in costs associated with restarting a reactor that closed in 2019 after being deemed too costly to run.

In March 1979, Three Mile Island was the site of the nation’s worst-ever commercial nuclear accident when its Unit 2 reactor — separate from the unit Constellation plans to restart — suffered a partial core meltdown.

U.S. Backs $1 Billion Loan to Restart the Three Mile Island Nuclear Plant

U.S. Backs $1 Billion Loan to Restart the Three Mile Island Nuclear Plant

The loan will go to help cover some $1.6 billion in costs associated with restarting a reactor that closed in 2019 after being deemed too costly to run.

In March 1979, Three Mile Island was the site of the nation’s worst-ever commercial nuclear accident when its Unit 2 reactor — separate from the unit Constellation plans to restart — suffered a partial core meltdown.

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