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SoftBank Acquires Foxconn’s Ohio EV Plant to Support Stargate AI Infrastructure Project

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SoftBank Group Corp (9984.T) is purchasing Foxconn Technology Group’s (2317.TW) electric vehicle manufacturing plant in Ohio to further its ambitious Stargate project aimed at building extensive AI data center infrastructure across the United States, Bloomberg News reported on Friday. The Stargate initiative, unveiled by U.S. President Donald Trump in January, represents a private sector investment potentially reaching $500 billion, with backing from SoftBank, OpenAI, and Oracle (ORCL.N).

SoftBank reportedly faced challenges in its financial planning for Stargate and sought Foxconn’s involvement to facilitate the development of data centers and related infrastructure, leading to the acquisition. The Ohio facility is expected to be repurposed as a data center site. Reuters could not independently confirm the report; SoftBank declined to comment, and Foxconn did not immediately respond.

The Stargate Project aims to generate over 100,000 jobs across the U.S., aligning with national goals to boost AI infrastructure and domestic technological capacity.

Two Seas Capital Opposes $9 Billion Core Scientific–CoreWeave Merger

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Two Seas Capital, the largest shareholder of crypto mining firm Core Scientific, announced it will vote against the company’s proposed $9 billion sale to AI-focused data center operator CoreWeave. The investment firm, which holds about 6.3% of Core Scientific’s shares, argues the deal “materially undervalues” the company and poses unnecessary risks to shareholders.

CoreWeave, which provides access to Nvidia-powered AI chips and data centers, agreed last month to acquire Core Scientific in an all-stock transaction valued at $20.40 per share. The deal aims to repurpose Core Scientific’s energy-intensive sites—originally built for cryptocurrency mining—to support growing AI infrastructure needs.

Two Seas says it is not opposed to a merger in principle but insists the board must secure terms that reflect the strategic worth of Core Scientific’s assets. The firm believes the current proposal “decidedly and unfairly favors CoreWeave.”

Core Scientific’s stock dropped over 17% when the merger was first announced, though it was marginally higher Thursday. CoreWeave’s shares rose 6% at the time of the announcement but remained unchanged on the latest news.

Core Scientific, which emerged from bankruptcy in early 2024, has been shifting its business model toward AI-driven energy utilization. The company previously rejected an unsolicited bid from CoreWeave in June 2024, citing undervaluation concerns.

Apollo Acquires Majority Stake in Stream Data Centers to Capitalize on AI-Driven Infrastructure Growth

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Apollo has agreed to buy a majority interest in Stream Data Centers (SDC) as part of a strategic bet on the booming demand for digital infrastructure driven by artificial intelligence and cloud computing. Data centers, critical hubs housing computing hardware, are expected to see global spending of up to $6.7 trillion by 2030, according to McKinsey.

Stream Data Centers specializes in building, leasing, and managing large-scale data center campuses. It has completed over 20 projects and has an extensive pipeline with multi-gigawatt capacity. Apollo aims to scale SDC to become a key partner for major hyperscalers like Amazon, Microsoft, and Google, who increasingly rely on third-party developers for land acquisition, regulatory approvals, and power sourcing for their data centers.

Apollo partner Trevor Mills emphasized the ongoing and diverse demand from hyperscalers requiring collaboration with external developers. This investment aligns with rising capital expenditures by tech giants — Meta recently raised its annual spending forecast by $2 billion to as much as $72 billion, Microsoft plans over $30 billion in its fiscal first quarter, and Alphabet increased its 2024 capex target to $85 billion, with further rises expected to meet AI demands.

While financial terms were not disclosed, Apollo’s president Jim Zelter highlighted that data centers will need $1.5 trillion in external financing by 2030, with private credit accounting for $800 billion — a space where Apollo leads. The International Energy Agency forecasts electricity demand for data centers will more than double by then, surpassing Japan’s current total consumption.

Other major asset managers like Blackstone, KKR, and BlackRock have also committed billions to data center investments, underscoring the sector’s growing importance. Stream Data Centers’ management will retain a minority stake and continue running operations post-deal.