Shares in Apollo (APO) stock climbed higher on Monday after an announced deal with Elon Musk’s xAI. Apollo Global Management is close to finalizing a roughly $3.4 billion loan to an investment vehicle that plans to buy Nvidia chips and lease them to Elon Musk’s xAI, per The Information.
The investment could be finalized as soon as this week, and Valor Equity Partners, a longtime investor in Musk’s companies, is arranging the deal, The Information reports. xAI has been in the spotlight for the past few weeks after many highlight-worthy updates. Less than a week ago, Musk announced that SpaceX acquired the artificial intelligence company he also leads in a deal that values the rocket and satellite company at $1 trillion and the AI outfit at $250 billion.
In addition, xAI is now seeking crypto experts to train its AI trading models. The company’s X page is now displaying a hiring message, signaling the firm’s shift towards “officially” recruiting finance experts to train and model xAI into crypto trading perfection. Moreover, the hiring ad displays that xAI is also looking forward to training its AI model from the lens of a prospective investor/trader. The hiring details further include the company looking forward to hiring a candidate that knows how crypto quantitative traders work and analyzes blockchain data to deliver perfect results.
For Apollo APO stock specifically, shares rose 1% on Monday, but remain down 7% in the last 30 days. reported strong Q4 earnings, with adjusted net income per share at $2.47 and assets under management rising to $938 billion, marking a 24.9% year-over-year increase. However, bearish sentiment remains around its stock. After the xAI deal, however, fellow Elon-Musk founded company Tesla (TSLA) saw its stock tick higher on Monday.