Aker Shares Climb After Nscale Gets $45 Billion Contract

Dow Jones08-27 16:26

Shares in Norwegian industrial investment group Aker jumped after its Nscale portfolio company was awarded a $45 billion contract for artificial-intelligence computing power.

Aker shares rose 8.2% in early European trade.

In a statement late Wednesday, Aker said Nscale had signed the contract with an undisclosed customer to provide AI compute capacity at its Monarch site in West Virginia, U.S.

Nscale, a U.K.-based AI infrastructure provider that builds and operates data centers, is backed by Nvidia, Dell, Nokia and Aker, among others.

Nokia shares rose 4.9% in morning Helsinki trading.

Aker and Nscale also have a joint venture, Aker Nscale, which is working together with ChatGPT maker OpenAI on a renewable energy-powered AI data center project known as Stargate Norway.

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