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Nvidia weighs playing the cosigner for Nscale’s AI data center in West Virginia

Published

1 hour ago

October 31, 2026

Nvidia is in talks to guarantee billions in debt financing for AI cloud provider Nscale’s planned Anthropic data center in West Virginia, The Information reported Thursday. Bloomberg later corroborated the report. Anthropic has signed a $44.6 billion contract for the project’s first building alone, according to Nscale’s IPO filing. In essence, the chipmaker would be co-signing a customer’s loans, a sign of how hard the AI industry is working to keep its buildout plans afloat as investors grow jittery about the amounts of money involved.

The proposed arrangement would help Nscale secure financing for the electricity and construction costs of its West Virginia campus. Under what’s known as a residual value guarantee, Nvidia would step in if Nscale defaulted on construction payments, temporarily take over the facility, and help find a buyer and new tenant, according to The Information.

Nvidia’s earlier support for cloud providers has mostly covered leases and chip purchases, not construction.

The stakes are high for Nscale, which is seeking to go public at a valuation of up to $35 billion despite growing concerns about its ability to deliver on ambitious data center projects.

Anthropic’s contract with Nscale covers the first 460-megawatt building at Nscale’s West Virginia campus, which is expected to use Nvidia’s next-generation Vera Rubin chips. The companies are also discussing a second deal worth roughly $45 billion for another building.

Nscale has struggled to get its projects off the ground. The company had about 25,000 advanced AI chips running in August, a fraction of the nearly 500,000 it plans to deploy. Its West Virginia campus has run into trouble of its own. Runoff from the construction site has flooded nearby homes more than once. In September, after months of negotiations, the project won state certification.

This month, Microsoft pulled out of a planned Nscale site in England after grid power for it was pushed into the 2030s.

Nvidia has been a major financial backer of the sector, extending roughly $170 billion in investments and credit support to neoclouds and large customers, according to The Information. That includes $1 billion in convertible financing committed to Nscale in September.

Neoclouds, which rent out AI computing power without a cash-rich core business behind them, have come under pressure from investors. Shares of CoreWeave, Nebius, and IREN had each fallen more than 30% in October as of last week, CNBC reported.

The proposed guarantee would deepen Nvidia’s financial ties to Nscale while helping secure a major customer for its chips. Anthropic, one of the largest buyers of AI computing power, has spread its infrastructure spending across multiple chipmakers. One investor told The Information that Anthropic’s involvement likely explains Nvidia’s interest in keeping Nscale’s project on track.

The discussions also come as Anthropic faces questions about how it will finance its own rapid expansion. The company filed to go public this week, but Blackstone has warned investors that Anthropic may receive a below-investment-grade credit rating after its IPO. A junk rating would raise Anthropic’s borrowing costs and could push it to keep relying on stronger partners to back its debt.

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Related Topics:center cosigner data Nscales Nvidia playing Virginia weighs West

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Sovereign Trust Insurance Up Profit By 296% to N256.4 million Nine Months in 2026

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NIPRD records gains in research, staff welfare, public health

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Sovereign Trust Insurance Up Profit By 296% to N256.4 million Nine Months in 2026

Published

1 hour ago

October 31, 2026

PlateauReports

BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc has recorded 296 per cent growth in profit after income tax for nine months ended September 30, 2026,

A notice filed by the company on the Nigerian exchange limited shows that profit after income tax rose by from ₦64.7 million in September 2025 to ₦256.4 million in September 2026.

Profit before income tax for the company stood at ₦301.7 million, as against ₦75.9 million reported in 2025, reflecting a 296 per cent increase.

However, Insurance revenue declined by 19 per cent to stand at ₦32.31 billion, when compared with ₦40.13 billion achieved by the company in September 2025.

Insurance service expenses also came down to ₦14.35 billion from ₦18.31 billion, while net expenses from reinsurance contracts held declined to ₦16.11 billion from ₦20.12 billion.

Insurance service result appreciated to ₦1.85 billion from ₦1.71 billion in the corresponding period of the previous year.

Investment return increased to ₦1.73 billion from ₦1.38 billion, representing a 26 per cent growth.

Total assets went up from 24.47 billion in September 2025 to ₦41.27 billion as at September 30, 2026, representing a 69 per cent increase.

Total liabilities rose to ₦19.75 billion, compared with ₦10.10 billion in same period of 2025 while total equity increased to ₦21.53 billion from ₦14.32 billion, representing growth of 50 per cent.

The company’s basic earnings per share remained unchanged at seven kobo in both reporting periods.

The financial highlights show improved profitability, investment returns and balance-sheet growth, although insurance revenue declined during the period under review.

The post Sovereign Trust Insurance Up Profit By 296% to N256.4 million Nine Months in 2026 appeared first on Business Today NG.

Health

NIPRD records gains in research, staff welfare, public health

Published

4 hours ago

October 30, 2026

PlateauReports

The National Institute for Pharmaceutical Research and Development (NIPRD) says it has recorded progress in research, staff welfare, infrastructure and public health interventions under the leadership of its Acting Director-General, Philip Builders.

The institute highlighted the reforms in a statement issued on Friday, citing improvements in staff welfare, restoration of basic infrastructure, efforts to strengthen research funding and intellectual property management, and its recent response to the Ebola outbreak.

“His administration is committed to strengthening the Institute’s capacity to fulfil its mandate and contribute to Nigeria’s pharmaceutical development, scientific innovation, and improved healthcare outcomes,” it noted.

One of the administration’s interventions has been the constitution of an Ebola Response Team, headed by Peters Oladisu, Director of the Department of Microbiology and Biotechnology.

NIPRD said it also supplied 17 cartons of hand sanitiser gel and 2,000 educational posters on Ebola symptoms and preventive measures to the Federal Ministry of Health and Social Welfare.

The institute said the intervention is part of its contribution to public awareness and prevention of emerging health threats.

Staff welfare

NIPRD also cited improvements in staff welfare as part of the changes under Mr Builders.

The institute said it conducted its 2025 staff promotion exercise and addressed outstanding staff claims.

It also said salary arrears owed to security personnel, cleaners and gardeners had been settled.

Beyond staff-related measures, the institute said it restored electricity and water supply, which it described as critical to creating a more conducive environment for research and other activities.

Research and innovation

NIPRD said it was also strengthening its research and innovation ecosystem by restructuring its Intellectual Property and Technology Transfer Office and Grant Office.

It has established an Office for Strategic Partnerships and Commercialisation, headed by Adeola Jegede, a scientist with experience in policy, monitoring and evaluation.

The office is expected to facilitate partnerships, attract research opportunities and support the commercialisation of products developed from research carried out by the institute.

An example of the institute’s research efforts is the success of its scientist, Isaac Ajeh, who won a NASENI Innovation Grant for research into converting plantain peels into pharmaceutical products.

The project seeks to explore how agricultural waste can be transformed into useful pharmaceutical products, highlighting the potential intersection between local research, healthcare and sustainable innovation.

ALSO READ: UK increases Ebola response funding to £78.7m

NIPRD said it was also expanding its digital capacity through upgrades to its NCC Centre, computer-based testing facilities and other information and communication technology infrastructure.

According to the institute, the facilities will support computer-based examinations, digital research and technology-driven learning, while providing access to ICT facilities for schools in surrounding communities.

The administration has also supported researchers to participate in national and international training programmes, which the institute said would expose them to global best practices and strengthen scientific collaboration.

“Under Professor Builders’ leadership, NIPRD continues to pursue initiatives aimed at strengthening local pharmaceutical production, translating research into practical solutions, and improving Nigeria’s healthcare capacity,” it noted.