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Why the first GPU financiers are turning to inference chips in a $400 million deal

Published

4 months ago

July 17, 2026

General Compute, an AI inference cloud startup, has landed a $400 million loan from Upper90, a tech investment firm. It might be the first deal to put up inference-specific chips as collateral — chips built to run already-trained AI models quickly and efficiently, rather than the more expensive chips used to build the models in the first place.

The financing is the latest signal that markets are responding to concerns over the price of AI tools and tokens by turning to infrastructure that runs open-source models more cheaply than the newest LLMs from frontier labs.

Founded by CEO Finn Puklowski, General Compute raised a $15 million seed round in May to build an inference neocloud around silicon from SambaNova, an Intel-backed chipmaker. (Neoclouds are purpose-built for AI workloads, unlike the general-purpose infrastructure offered by traditional hyperscalers like AWS or Azure.)

The company’s SN50 chips are designed for inference. They’re power-efficient and don’t require expensive water-cooling systems, which means they can be deployed more quickly than GPUs across a larger variety of data centers. General Compute says the new chips will provide 16 times faster inference than GPU-based clouds.

The challenge is getting a lot of these chips, especially when you’re a brand-new company.

Upper90 co-founder and CEO Billy Libby, a former Goldman Sachs quantitative trader, had a playbook for this: In 2021, his firm financed GPU purchases by Crusoe, the energy-focused data center startup, which he believes was the first loan against the value of advanced chips.

Traditional lenders eschewed such deals at the time because of the risks and uncertainties around GPU depreciation. But as CoreWeave made chips-backed loans into a business model and then the basis of a blockbuster IPO, this kind of financing has become common.

“When we financed Nvidia GPUs as the first group to do that, the market was inefficient,” Libby told TechCrunch. “We could really put together something as an early participant, and kind of get compensated for the risk.”

Now that GPUs are comparatively well understood and perhaps over-bought, Upper90 is turning to companies like General Compute to ride the next wave of the AI boom. “We think open source models are going to be important, and we went and looked for a player last year that was in inference,” Libby said. “Everyone doesn’t need a supercomputer, but they do need inference and AI.”

That thesis has been growing stronger, with companies that provide access to open models, like OpenRouter and Fireworks, raising new rounds at huge valuations. New models like Kimi’s K3, recently just this week, have proven to compete with the latest releases from Anthropic and OpenAI on coding benchmarks. And new chipmakers like Groq and Cerebras have drawn interest from acquirers and public markets alike.

General Compute’s ability to access chips outside of Nvidia’s ecosystem matters for the same reason. TensorWave, another AI infrastructure company, is making a similar bet on a partnership with AMD. As more alternatives to Nvidia emerge, compute providers that aren’t locked into Nvidia deals may have an advantage in providing cost-efficient inference.

“There are a bunch of chips that are starting to scale that have amazing [total cost of ownership], or that can operate much faster than Nvidia, but there’s not too many buyers for them,” Puklowski said. “By getting together with Upper90, this is not just, ‘a cool startup got some money to buy some compute.’ Like, this is the first signal of capital organizing itself and the fragmenting of Nvidia’s monopolistic dominance.”

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Related Topics:chips Deal financiers GPU inference million turning

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Halloween Fever Hits Showtime Flag Football League As Gameweek 6 Promises Revenge, Rivalries, Giant-Killing Drama And Prizes In Lagos

Published

21 minutes ago

November 1, 2026

PlateauReports

Lagos is preparing for a Sunday unlike any other as the Showtime Flag Football League Season XV returns with five explosive Gameweek 6 encounters, a Halloween-themed celebration, a best-dressed competition and prizes for fans at Showtime Arena, Meadow Hall, Lekki, on November 1, 2026.

After a sensational Gameweek 5 that saw established champions humbled, historic rivalries rewritten and unexpected heroes emerge, the stage is set for another extraordinary afternoon of flag football and entertainment.

This time, the excitement will extend beyond the pitch.

Showtime has announced a special Halloween Sunday, inviting supporters to arrive in their most creative costumes and compete for a cash prize in the Best Dressed contest. Halloween-themed games at Showtime Socials and activities around the Fan Village will add to the festive atmosphere.

But while fans compete for prizes off the field, ten teams will be fighting for something equally valuable on it: victory, pride and momentum in the championship race.

Delta Panthers versus Rivers Alphas opens the programme with a confrontation between two teams desperate to escape their recent disappointments.

Panthers were demolished 52–0 by defending champions Lagos Knights in Gameweek 5, while Rivers Alphas suffered a 38–0 defeat against Gateway Horns.

Both sides have endured difficult outings, making their meeting an opportunity to change the narrative. For Delta Panthers quarterback Jite Ughojor, the challenge is to revive an attack that struggled against the Knights. Rivers Alphas must rediscover their confidence after another frustrating afternoon.

The second encounter brings Delta Braves against Gateway Horns, with the Horns looking to build on their impressive victory over Rivers Alphas.

Gateway quarterback Adebare Adejumo delivered an influential Gameweek 5 performance, while Nwokolo Prominence claimed MVP honours. The Braves will need a disciplined defensive display to contain a Horns attack that has rediscovered its scoring touch.

Then comes one of the afternoon’s most intriguing fixtures: Lagos Greenbacks versus Lagos Rebels.

The Greenbacks arrive with renewed confidence after stunning two-time champions Abia Warriors 14–12 in one of Gameweek 5’s biggest surprises.

Receiver Obiekezie Chiamaka, who earned MVP recognition against the Warriors, and quarterback Oluremi Jedidiah will be crucial figures as Greenbacks attempt to claim another major scalp.

However, the Rebels possess considerable attacking firepower. Quarterback Sulaimon Alhameen has already demonstrated his quality this season, while receiver Fawaz Azeez was recently recognised as Showtime’s Player of the Week.

With local pride at stake, the all-Lagos encounter promises intensity and drama.

Abia Warriors against Ibom Raptors offers another fascinating storyline.

Both teams suffered painful Gameweek 5 defeats. Warriors were shocked by Greenbacks, while the Raptors surrendered a 19–6 halftime advantage before losing 31–19 to Cross River Ikan Sports.

For the two-time champion Warriors, another defeat would raise uncomfortable questions about their championship ambitions.

For Raptors quarterback Taiwo Oluwalanu and receiver Mustapha Babatunde, the fixture offers an immediate opportunity to restore confidence.

Yet the most compelling storyline may be saved for the final contest.

Cross River Ikan Sports versus Lagos Knights pits a team celebrating a historic breakthrough against the reigning champions.

Ikan Sports made history in Gameweek 5 by defeating Ibom Raptors for the first time in their league rivalry. Mukaila Rasheedat earned MVP honours, while Umeh Chisom played an important role in the remarkable turnaround.

Now comes a considerably bigger examination.

Lagos Knights, inspired by quarterback Kayode Mafe and MVP performer Bowofoluwa Oyerinde, enter the encounter following their extraordinary 52–0 demolition of Delta Panthers.

The Knights are determined to protect the championship they won in Season XIV. Ikan Sports, meanwhile, have already demonstrated that reputations can be overturned.

Can the history-makers produce another shock, or will the champions remind everyone why they wear the crown?

Beyond the individual fixtures, Gameweek 6 represents another important chapter in Showtime’s mission to grow flag football in Nigeria.

The 2026/27 season features 18 regular-season gameweeks, additional 5v5 Co-ed Cup competitions and a championship journey scheduled to conclude in May 2027.

With flag football preparing for its Olympic debut at Los Angeles 2028, the athletes competing in Lagos are helping bring greater visibility to a sport with growing international significance.

For families, sports enthusiasts, young athletes and anyone searching for a different Sunday experience in Lagos, Showtime is offering a combination of live competition, community activities, costumes and entertainment.

Gameweek 6 begins on Sunday, November 1, 2026, with the event advertised from 1:20pm at Showtime Arena, Meadow Hall, Lekki, Lagos.

Tickets are available through the league’s official website, with general admission, VIP and VIP+ options.

Come for the touchdowns. Stay for the atmosphere. Dress for Halloween. Cheer for your favourite team.

Because this Sunday, the biggest surprise might happen on the field — or in the crowd.

The Game Is The Show!

Sports247 — Official Media Partner

Business

NGX Group Named Africa’s Best Exchange at Euromoney Markets Awards 2026

Published

1 hour ago

November 1, 2026

PlateauReports

Nigerian Exchange Group Plc (NGX Group) has been named Africa’s Best Exchange at the Euromoney Markets Awards 2026, recognising its contribution to market infrastructure, digital innovation and capital formation.

Presented at the Mandarin Oriental Hyde Park, London, on Thursday, 15 October 2026, the award recognises achievements in market development during 2025 and comes amid robust growth in Nigeria’s equities market.

A key driver of wider primary-market participation has been NGX Invest, the Group’s electronic public-offering platform, which simplifies subscriptions to public offers and rights issues. The platform played a significant role in Nigeria’s banking sector recapitalisation exercise, facilitating more than ₦2.8 trillion in capital raising. By September 2026, its distribution network had grown to more than 180 channels spanning stockbrokers, banks and fintechs, with a WhatsApp subscription channel providing investors with an additional channel for subscribing to public offers.

Nigeria’s equities market recorded strong growth in 2025, with the NGX All-Share Index gaining 51.19 per cent, equities turnover rising 109.48 per cent to ₦5.96 trillion and market capitalisation reaching ₦99.38 trillion. This momentum has continued in 2026. As of 16 October, the All-Share Index had gained 59.07 per cent year-to-date. Equities turnover stood at ₦7.82 trillion, up 73.78 per cent from ₦4.50 trillion in the corresponding period of 2025, while market capitalisation reached ₦160.73 trillion.

Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, said: “This award reflects our continued commitment to strengthening the infrastructure and technology that support capital formation and investment. We appreciate the trust and collaboration of our regulators, policymakers, issuers, investors, the stockbroking community and other market participants, whose support contributes to the development of our capital market. By widening digital access to investment opportunities, improving market efficiency and deepening connections with other African markets, we are working to make our capital market more accessible, resilient and competitive. We see this not simply as an achievement, but as encouragement to keep building a market that can mobilise capital for businesses and offer broader investment opportunities.”

Beyond digital innovation, NGX Group continues to advance sustainable finance through the NGX Net-Zero Programme (N-Zero), implemented in partnership with DEG Impulse gGmbH and Africa Foresight Group, with support through DEG Impulse’s develoPPP programme. The initiative helps Nigerian businesses strengthen climate readiness, establish science-based emissions-reduction targets and develop transition plans that can support access to climate-aligned finance. The programme has engaged more than 50 companies, with 19 onboarded as community members.

The Group’s broader market-development priorities also include improving post-trade efficiency and strengthening regional connectivity. Nigeria’s transition to T+1 settlement in June 2026 shortened the settlement cycle, while strategic engagements with other African exchanges are supporting efforts to deepen cross-border investment and strengthen regional market linkages.

The post NGX Group Named Africa’s Best Exchange at Euromoney Markets Awards 2026 appeared first on Business Today NG.