logo
Zimbabwe's richest man and the world's 10th richest man push for Africa's first AI factory

Zimbabwe's richest man and the world's 10th richest man push for Africa's first AI factory

Jensen Huang, the tenth-richest person in the world, and Strive Masiyiwa, Africa's 16th richest man, have collaborated on establishing an Artificial Intelligence (AI) factory in Africa, the first of its kind.
Jensen Huang and Strive Masiyiwa collaborate to establish Africa's first Artificial Intelligence (AI) factory.
The factory is supported by Nvidia's advanced GPUs, with initial installations in South Africa.
Cassava Technologies plans to expand GPU deployment across key African countries, including Kenya and Nigeria.
Via both billionaires' companies, Masiyiwa's Cassava Technologies, and Huang's Nvidia, one of the largest companies in America currently by valuation, the construction of Africa's first AI factory is now in full effect.
Currently, graphics processing units (GPUs) have been deployed to South Africa, the first recipients of the units in Africa.
What Strive Masiyiwa about the AI factory
'Collaborating with Nvidia gives us the advanced computing capabilities needed to drive Africa's AI innovation while strengthening the continent's digital independence,' Masiyiwa stated in a press release.
Back in April, Cassava Technologies revealed that it was considering an investment of up to $720 million in the AI factory.
'The future comes from young people building apps and solutions, small businesses every day across this continent using AI,' Masiyiwa said at the Global AI Summit on Africa 2025 in Kigali in April, where he was a co-chair.
'They are the digital natives, and we have just given them the ability to do what they do best.'
Founded by Zimbabwean telecoms tycoon Strive Masiyiwa, the pan-African tech company aims to roll out Nvidia's accelerated computing systems and AI software across key markets including South Africa, Egypt, Nigeria, Kenya, and Morocco.
Recent reports indicate that Nvidia will embed its AI software utilizing NVIDIA Cloud Partner reference architectures and deploy hundreds of GPUs, which power its high-performance supercomputers.
'Building digital infrastructure for the AI economy is a priority if Africa is to take full advantage of the fourth industrial revolution,' added Masiyiwa in the press statement.
'Our AI Factory provides the infrastructure for this innovation to scale, empowering African businesses, startups, and researchers with access to cutting-edge AI infrastructure to turn their bold ideas into real-world breakthroughs—and now, they don't have to look beyond Africa to get it.'
According to Hardy Pemhiwa, president of Cassava, as seen on Forbes, 3,000 Nvidia GPUs will be installed in their South African plant in June, with an additional 9,000 to be installed throughout the following three to four years in Kenya, Nigeria, Morocco, and Egypt.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

New West African flight route set to boost trade between Ghana, Burkina Faso
New West African flight route set to boost trade between Ghana, Burkina Faso

Business Insider

timean hour ago

  • Business Insider

New West African flight route set to boost trade between Ghana, Burkina Faso

AWA, a leading African Airline has officially launched direct flights between Accra, (Ghana) and Ouagadougou, capital city of Burkina Faso, marking a strategic move into the Sahel region and reinforcing efforts to boost intra-African connectivity. AWA has initiated direct flights between Accra and Ouagadougou, enhancing connectivity in the Sahel region. Three weekly flights will operate on this route, supporting AfCFTA's goal to facilitate regional trade and mobility. Regional officials welcome the development, stating it will boost aviation, tourism, and economic ties between the two nations. The inaugural flight landed on July 1, 2025, at Ouagadougou International Airport and was preceded by a ceremony in Accra. Reports read that the Airline will operate three flights weekly, supporting the objectives of the African Continental Free Trade Area (AFCFTA) by facilitating smoother movement of people, goods, and services across borders. Ticket prices for the route start at $290, according to the airline. Togbe Afede XIV, co-Chairman of Africa World Airlines (AWA) and Agbogbomefia of the Asogli State, reaffirmed the airline's commitment to African integration through reliable and safe aviation services. ' Our safety record is great. Our reliability is great, and that's the kind of tradition we expect to continue the service we want to offer our friends from Burkina Faso, ' he said. Togbe Afede also linked the new route to a broader vision of reconnecting the Sahel region with the rest of the continent. 'Hopefully, through them, we'll link all of the Sahel to the rest of Africa, in line with President John Mahama's vision of bringing Burkina Faso and Niger back into the fold.' Addressing public concern over high airfares, he noted that while the recent appreciation of the Ghanaian cedi could eventually lead to lower prices, the impact would take time due to legacy costs. ' Yes, prices will go down, but it takes time. Many of our costs were based on the old exchange rate, and we continue to meet obligations priced at those earlier levels. But I want to assure our customers that AWA is committed to value, service, and most importantly, safety, ' he said. From Burkina Faso, Karim Tapsoba, speaking on behalf of the Director General of Civil Aviation, hailed the new route as a critical development in West African air transport. ' It marks an important stage in the development of air transport in our sub-region. I am convinced that AWA will contribute to enhancing our aviation network and strengthening economic and tourism ties between the two countries. ' New Air route strengthens regional integration The launch comes amid broader regional integration efforts, including AfCFTA and ECOWAS initiatives. Earlier this year, Ghana's President John Mahama hosted leaders from Burkina Faso, Mali, and Niger in Accra for ECOWAS' 50th anniversary. In March, Mahama also made his first official visit to Mali, meeting with General Assimi Goïta, Mali's transitional president and current chairman of the Confederation of Sahel States (CSS). With the launch of the Accra–Ouagadougou route, AWA joins a small group of carriers offering regular commercial flights between the two countries, opening new channels for trade, tourism, and diplomatic relations across West Africa.

What to Expect From Mohawk's Next Quarterly Earnings Report
What to Expect From Mohawk's Next Quarterly Earnings Report

Yahoo

time2 hours ago

  • Yahoo

What to Expect From Mohawk's Next Quarterly Earnings Report

Valued at roughly $7 billion by market cap, Georgia-based Mohawk Industries, Inc. (MHK) is a global leader in flooring, supplying a wide range of products. From carpet and rugs to tile, wood, and vinyl, for residential and commercial use. With a fully integrated manufacturing and distribution network, the company maintains an edge across materials and markets. Its portfolio includes some of the most established names in the industry, such as Daltile, Marazzi, Pergo, and Mohawk, catering to both renovation projects and new construction worldwide. The company is expected to release its fiscal 2025 second-quarter earnings report after the market closes on Thursday, July 24. Ahead of this event, analysts project Mohawk to report a profit of $2.63 per share, down 12.3% from $3 per share reported in the year-ago quarter. Impressively, the company has surpassed Wall Street's bottom-line estimates in each of the past four quarters. UnitedHealth Stock Is One of the Worst-Performing S&P 500 Stocks in 2025. Should You Buy the Dip? AI Isn't Just About Nvidia: 2 Rising Stars in the Artificial Intelligence Race 'It's a Miracle': Nvidia CEO Says Their New Technology Takes 'AI Supercomputing to a Whole New Level' Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Over the longer term, analysts forecast Mohawk to report an EPS of $9.21 in fiscal 2025, representing a 5.1% decline from the $9.70 reported in fiscal 2024. However, the dip appears to be short-lived. Forecasts for fiscal 2026 indicate a strong rebound, with EPS projected to increase 15.4% to $10.63. Over the past year, Mohawk has gained marginally, underperforming the broader S&P 500 Index's ($SPX) modest 13.4% return and is also lagging behind the Consumer Discretionary Select Sector SPDR Fund's (XLY) 17.8% rise during the same stretch. After the company posted mixed fiscal 2025 Q1 earnings results on May 1, shares of Mohawk slipped almost 1.7% in the subsequent trading session. Revenue declined 5.7% year-over-year to $2.5 billion, falling short of the $2.6 billion Wall Street expected, as all segments reported weaker sales. However, adjusted EPS offered a bright spot. Despite falling 18.3% annually to $1.52, it still managed to beat analyst estimates by a 7.8% margin. Analysts' consensus view on MHK remains somewhat optimistic, with an overall "Moderate Buy" rating. Among 15 analysts covering the stock, eight suggest a "Strong Buy," and the remaining seven give a 'Hold' rating. MHK's mean price target of $126.40 represents a 14% premium to current price levels. On the date of publication, Anushka Mukherjee did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

3 "Magnificent Seven" Stocks That Will Crush the Market
3 "Magnificent Seven" Stocks That Will Crush the Market

Yahoo

time2 hours ago

  • Yahoo

3 "Magnificent Seven" Stocks That Will Crush the Market

Demand for Nvidia GPUs isn't slackening. Alphabet is trading at a low valuation compared to its peers. Meta Platforms is assembling a dream team of AI talent. 10 stocks we like better than Nvidia › A couple of years ago, the chief investment strategist at Bank of America Global Research -- a fellow by the name of Michael Hartnett -- borrowed the title of a classic film to identify a hot new group of tech stocks that had been lifting the entire U.S. market on their shoulders throughout the early 2020s: the "Magnificent Seven." That group includes: Nvidia (NASDAQ: NVDA) Microsoft (NASDAQ: MSFT) Apple (NASDAQ: AAPL) Amazon (NASDAQ: AMZN) Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) Meta Platforms (NASDAQ: META) Tesla (NASDAQ: TSLA) Moving forward, I expect some of these stocks will be less dominant than they were when Hartnett labeled them, but I still think a few could easily outperform the market: Nvidia, Alphabet, and Meta Platforms. While there will likely be some other strong performers in the "Magnificent Seven," these three are my top picks. At this time, Nvidia is the world's largest company by market cap, and it rose to that position thanks to the incredible growth of its graphics processing unit (GPU) business. GPUs are designed to handle specific types of computationally intense processing tasks that can be easily broken down into a slew of smaller ones that can be solved simultaneously, rather than in sequence. As it happens, AI model training and inference are heavy on just those types of tasks, so the growing use of AI has driven a surge in demand for GPUs. And as Nvidia makes some of the most powerful ones -- and certainly the most popular ones -- its revenue increased rapidly over the past few years. That growth is far from over. In Q1, Nvidia delivered an impressive 69% year-over-year growth rate and gave guidance for 50% growth in Q2. There has never been a company of Nvidia's size delivering such rapid growth, and it has pretty much defied all investment notions about large companies not being able to grow rapidly. There are no signs of the AI infrastructure build-out slowing, which means more and more Nvidia GPUs will be used. This is an incredibly bullish time for Nvidia, and I believe it will continue to outperform the market. Alphabet is on the opposite side of the AI business from Nvidia. Many investors expect that generative AI systems will replace Google's search engines, but that hasn't happened. In Q1, Google Search revenue rose 10% year over year, which isn't indicative of a segment that's failing. Furthermore, Alphabet has already deployed its AI search overview tool in a bid to supplement its results, and that will likely be sufficient for many average users' needs. Due to the market's current aversion to Alphabet's stock, it trades at a significant discount to many of its major tech peers. At 18.6 times forward earnings, Alphabet stock is far cheaper than most of its big tech peers, which trade around 30 times forward earnings. Furthermore, the broader market, as measured by the S&P 500 (SNPINDEX: ^GSPC), trades at 23.2 times forward earnings. I believe Alphabet's stock will gain more respect from the market as it continues to deliver solid results quarter after quarter. This should cause the valuation to rise, delivering shareholders market-crushing returns. Meta Platforms is probably better known by the social media platforms under its umbrella: Facebook, Instagram, WhatsApp, Threads, and Messenger. These platforms generate revenue by selling advertising space, and Meta is investing significant resources to ensure that its ad tools are best in class. With its top-notch tools and popular platforms, Meta provides some of the best returns on investment in the advertising space, making nearly every business on Earth a potential customer. Moreover, Meta is working on an AI tool that will take information from a business about its offerings and its target audience, and create an ad campaign for it. It's also utilizing AI to enhance content and streamline business operations. It has been no secret that Meta Platforms is offering substantial signing bonuses to the top AI engineering talent available, and I believe this is an excellent strategy for Meta to utilize its vast resources in assembling a dream team. This could pay off significantly in the next few years as AI tools become more widespread and Meta is recognized as a leader in its space. I believe that the value Meta will deliver to shareholders over the next few years, due to its significant AI investments, will be substantial and lead to a market-crushing stock. Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nvidia wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $699,558!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $976,677!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 30, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Keithen Drury has positions in Alphabet, Amazon, Meta Platforms, Nvidia, and Tesla. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. 3 "Magnificent Seven" Stocks That Will Crush the Market was originally published by The Motley Fool

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store