Jensen Huang Is Out At Nvidia: 4 Private Equity Giants with Big Bets on Its AI Infrastructure Future

Jensen Huang’s departure from NVIDIA Corp. (NASDAQ:NVDA) is raising questions about the future of the artificial intelligence boom and the private equity giants with significant exposure to the infrastructure supporting it.

Apollo Global Management (NYSE:APO), Blackstone Inc. (NYSE:BX), Brookfield Asset Management (NYSE:BAM) and KKR & Co. (NYSE:KKR) have built exposure to data centers, computing capacity and power generation, putting them close to Nvidia’s expanding AI ecosystem.

Nvidia announced Thursday that Huang resigned as president, CEO and board member, effective immediately. Chief Financial Officer Colette Kress will serve as interim CEO while the board searches for a permanent successor.

The leadership change comes as Nvidia’s role extends beyond selling chips. The company has invested in customers, provided financing support and helped develop funding structures for AI infrastructure.

In August, Nvidia announced strategic partnerships to establish independent compute financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize over $500 billion of third-party capital for the buildout of AI infrastructure over time. The arrangements remain preliminary and are subject to definitive agreements.

Here’s how the four private equity firms are positioned around the AI infrastructure buildout.

1. Apollo Global Management

Apollo sees opportunities in financing GPUs, tensor processing units (TPUs) and energy infrastructure. On its third-quarter earnings call, Apollo President Jim Zelter said AI-related capital expenditures could reach roughly $8 trillion over the investment cycle, creating a significant financing opportunity for private capital.

Apollo’s private credit and capital-solutions businesses give it a potential role in financing the data centers, computing systems and energy projects needed to support AI growth.

2. Blackstone

Blackstone has built a major presence in data centers and digital infrastructure, positioning it to benefit from rising demand for computing capacity.

President Jon Gray has described the firm as an enormous investor across Nvidia’s ecosystem. On its third-quarter earnings call, Gray also discussed Blackstone’s selection as one of a small group of managers helping deploy capital tied to Nvidia’s targeted $500 billion financing initiative.

3. Brookfield Asset Management

Brookfield is approaching the AI boom through its global infrastructure investment platform. 

The firm has outlined plans involving Nvidia and South Korean internet company NAVER to develop AI computing infrastructure in South Korea. The project targets up to $9 billion in investment and aims to reach 200 megawatts of capacity by 2028.

4. KKR & Co.

KKR’s AI exposure extends beyond data centers into the power infrastructure needed to keep them running. 

On its third-quarter earnings call, co-CEO Scott Nuttall said KKR had made approximately $45 billion in digital infrastructure equity investments and another $40 billion in power investments. While not directly tied to Nvidia, the investments highlight KKR’s significant exposure to the digital infrastructure and power sectors driving AI expansion.

What Huang’s Exit Could Mean

Huang played a prominent role in championing AI investment and expanding Nvidia’s industry relationships. Reuters reported that investors are watching whether a leadership change could affect the company’s approach to financing data centers and supporting AI infrastructure.

That does not mean the four firms’ investments are necessarily at risk. Demand for AI computing, data centers and electricity extends beyond Nvidia, and each firm has broader infrastructure exposure.

Still, Nvidia’s next leadership team will face questions about whether it maintains the financing strategy and partnerships that have helped fuel the AI buildout.

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