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Stablecoin Issuer Tether Ventures Into AI With Northern Data in $427M Nvidia Chip Splurge

Stablecoin issuer Tether said it is branching into artificial intelligence (AI) through a subsidiary jointly owned by bitcoin (BTC) miner and data cloud provider Northern Data Group (NB2). Damoon Designated Activity, in which Frankfurt-based Northern Data acquired a majority stake in July, bought some 400 million euros ($427 million) worth of Nvidia graphic processing units (GPU), the German company said in a press release. The chips will be deployed through Northern Data’s cloud service, Taiga Cloud, with plans to offer access to customers starting late in the fourth quarter. The development is the latest example of Tether, the largest stablecoin company with its $83 billion USDT.

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