Benzinga | Jun 17, 2021 04:11PM EDT

Nvidia Announces Minimum $100M Investment In UK Supercomputer: Reuters

* NVIDIA Corp (NASDAQ:NVDA) CEO Jensen Huang aims to dedicate a minimum of $100 million to U.K. Cambridge-1 supercomputer, Reuters reports.

* Earlier in October, Nvidia planned to incur about $51.7 million on the project.

* "Cambridge-1, that supercomputing center is, call it a $100 million, just as a starting point," Huang said at The Six Five summit.

* Recently Huang expressed optimism over regulatory approval for its hugely debated $40 billion SoftBank Group Corp's (OTC:SFTBY) (OTC:SFTBF) Arm acquisition deal.

* Qualcomm Inc (NASDAQ:QCOM) CEO Cristiano Amon recently expressed interest in acquiring a stake in Arm, lest the Nvidia deal fell flat.

* Jefferies maintained a Buy rating on the stock and raised its price target from $740 to $854.

* Price action: NVDA shares closed higher by 4.76% at $746.29 on Thursday.