LAMBDA RAISES $1B IN PRIVATE DEBT TO BUY GPUS MICROSOFT WILL LEASE

Summary from the TLDR Hardware newsletter

Lambda raised roughly $1 billion in private short-dated debt, arranged by JPMorgan, to buy Nvidia GPUs that Microsoft will then lease, borrowing against Microsoft's willingness to keep paying rather than its own revenue, letting Microsoft get the compute without carrying the debt itself. It's Lambda's second such raise this month, following a $917 million loan two weeks ago secured against a contract with Nvidia, which is simultaneously its investor, supplier, and customer, and the company is reportedly in talks for up to $3 billion more ahead of a possible IPO next year