Cisco set to invest in CoreWeave at $23 bln valuation, Bloomberg News reports
Adds background, disclosure in paragraphs 2-6
Oct 3 (Reuters) -Cisco Systems CSCO.O is set to invest in CoreWeave, valuing the cloud services provider at $23 billion, according to a Bloomberg News report on Thursday, citing people familiar with the matter.
Nvidia-backed NVDA.O CoreWeave has partnerships with AI startups and competing cloud providers to build clusters designed to power AI workloads.
CoreWeave CEO Michael Intrator had discussed a secondary transaction that would allow existing shareholders to sell up to $500 million worth of shares, Bloomberg News reported in September.
A boom inartificial intelligence applications such as ChatGPT and training of large language models have boosted demand for cloud-computing services.
Big tech firms have been investing heavily to bolster infrastructure to support the development of AI.
Cisco did not immediately respond to a Reuters request for comment, while CoreWeave declined comment.
Reporting by Akash Sriram in Bengaluru; Editing by Mohammed Safi Shamsi
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