Apollo Is Vastly Outspending the Neoclouds on AI Chips
Last week, SpaceX’s announcement that it would lease $40 billion worth of Nvidia Vera Rubin chips was a further signal of Elon Musk’s grand ambitions in the AI race. The deal also underscores the arrival of a new big player in that competition: Apollo Global Management, a 36-year-old private-equity pioneer turned private-lending giant. In the deal with SpaceX, Apollo will purchase the chips through a subsidiary, then lease them to Musk’s company. The arrangement follows a supersized Apollo...