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Nvidia nears deal for stake in Lambda Labs

Nvidia Lambda Labs deal may include $300 million in new capital and may value Lambda Labs at more than $1 billion, The Information reported, citing people familiar with the matter. A potential deal comes after Nvidia (NVDA) took a similar stake in Lambda’s rival CoreWeave.

Lambda Labs is a startup that competes with Amazon Web Services (AMZN) and other cloud providers in renting servers with Nvidia (NVDA) chips to companies, according to the report.

Last month, CNBC reported that Microsoft (MSFT) has an agreement with start-up CoreWeave that could see it spend potentially billions of dollars with the smaller