Nvidia, Reflection AI, the strategic pivot to open-weight ecosystems

IREN Ltd. expanded its AI cloud business after its subsidiary Mirantis completed NVIDIA validation for its virtualization stack. AI cloud revenue surpassed mining revenue, with plans to end Bitcoin mining by December 2026. IREN raised its 2026 AI Cloud revenue target to over $4 billion, with $13.81 billion in contractual commitments. SemiAnalysis raised concerns about some of IREN's older facilities.

Nvidia is reportedly in early talks to acquire or further invest in AI firm Reflection, according to the Financial Times. The deal could involve an 'acqui-hire' or deeper investment, with Nvidia already having invested $800 million. Nvidia has been focusing on open-weight AI models, which are cheaper for businesses to operate. The company recently launched an AI safety coalition with several tech firms.

Nvidia is in early talks with Reflection AI for a potential acquisition, additional investment, or acquihire. Nvidia has already invested $800M in Reflection AI, which was valued at $25B in March 2026. No deal terms have been finalized, and discussions may not result in an agreement.

Nvidia (NVDA) is in early talks to acquire, invest more in, or acquihire Reflection AI, according to the Financial Times. The deal could involve an outright purchase, increased investment, or hiring staff while licensing technology. Nvidia previously acquired Hugging Face for $12.9B and licensed Groq's tech for $20B. Reflection, valued at $25B, counts Nvidia as a major investor and recently launched its first open-weight model, Beam.

Nvidia (NVDA) is in early talks to acquire or increase its stake in Reflection AI, a U.S. startup. The move aligns with Nvidia's strategy to expand its AI capabilities. NVDA's stock is trading at $229.28, 43.6% below its GF Value™ of $406.18, indicating undervaluation. The company has a GF Score™ of 95/100, reflecting strong financial health and growth.

Nvidia's off-balance-sheet commitments surged 188% to $530 billion in a quarter, raising concerns about financial exposure. The company also adjusted its free cash flow definition to include strategic equity investments, impacting buyback capacity. Research firm SemiAnalysis noted potential for commitments to exceed $1 trillion. Nvidia's equity investments and buybacks also drew scrutiny, with adjusted free cash flow potentially 69% lower than official figures.