Crypto Billionaire and Ripple co-founder Jed McCaleb Stockpiles AI Chips

A nonprofit organisation, Voltage Park, funded by cryptocurrency billionaire Jed McCaleb, has made a significant move in the artificial intelligence (AI) landscape by acquiring approximately $500 million worth of advanced chips from Nvidia. Voltage Park plans to revolutionise AI computing by leasing out the computing capacity to companies engaged in diverse AI projects.

Jed McCaleb, known for his involvement in cryptocurrency ventures such as Mt. Gox, Ripple, and Stellar, has accumulated significant wealth.

Voltage Park has ties to Jed McCaleb, co-founder of Stellar and Ripple. While McCaleb is not directly involved in Voltage Park’s daily operations, the organisation is a wholly-owned subsidiary of McCaleb’s nonprofit Navigation Fund, emphasising a philanthropic approach.

Profits generated by Voltage Park will be directed to the Navigation Fund, emphasising a philanthropic vision. Importantly, McCaleb is not involved in the day-to-day operations or decision-making processes of either the nonprofit organisation or Voltage Park.

Voltage Park CEO Eric Park, disclosed in an exclusive interview that the organisation has procured 24,000 advanced Nvidia H100 chips. The chips will enable Voltage Park to provide long-term and short-term, cost-effective AI computing solutions, addressing the persistent shortage of AI chips in the industry. The plan is to set up clusters of Nvidia AI chips in strategic locations such as Texas, Virginia, and Washington.

Expressing a belief in the flawed current ecosystem for machine learning, Eric Park stated, “It’s our belief that basically the current ecosystem for machine learning is broken.” Voltage Park aims to spur innovation and bridge the gap in AI chip availability.

The demand for advanced AI silicon has surged, particularly after the release of OpenAI’s ChatGPT, leading to a frantic search for chips to power AI initiatives. Competitors like Intel, Advanced Micro Devices, and several startups have entered the market, intensifying the competition for AI chips.

This acquisition marks a significant milestone in the pursuit of AI innovation, signalling potential advancements in the sector. Voltage Park’s transformative vision, coupled with cutting-edge AI technology, sets the stage for unprecedented advancements in AI computing and the realisation of groundbreaking AI projects.


Voltage Park’s entry into AI and chip rentals aligns with a trend observed in the industry. Cloud chip rentals, dominated by major tech firms like Nvidia and Google Cloud, are now being explored by smaller firms, potentially reshaping the landscape.

In a groundbreaking move, Voltage Park, an AI-focused nonprofit organisation backed by cryptocurrency billionaire Jed McCaleb, has announced the launch of a cloud computing cluster comprising 24,000 Nvidia GPUs. The initiative aims to serve the rapidly-growing machine learning (ML) compute market, addressing challenges such as rigid long-term contracts and exorbitant GPU rental rates.

Voltage Park aims to democratise ML infrastructure by making it accessible to all, from tech giants to budding startups. The organisation offers bare-metal access for large-scale users, short-term leases, and hourly billing. With an investment of $500 million in around 24,000 Nvidia H100 GPUs, Voltage Park emerges as a formidable player in the ML arena.

Voltage Park is already offering services to startups like Imbue and is working on providing infrastructure for well-known names in the AI space, including Character AI and Atomic AI. The goal is to be fully operational by 2024.

The market for cutting-edge ML computers is described as “broken,” with startups, researchers, and AI labs scrambling to buy or rent access to the latest chips for ML training. Voltage Park’s initiative aims to address this shortage and level the playing field in ML innovation.

Voltage Park’s investment in advanced AI-powered chips is a strategic move to address the shortage of AI chips in the industry. The demand for cutting-edge semiconductors has surged, prompting companies like Intel and Advanced Micro Devices to ramp up efforts to meet the growing demand.

The launch of Voltage Park’s cloud computing cluster, equipped with 24,000 Nvidia H100 chips, reflects a commitment to democratising AI technology. The organisation aims to bring state-of-the-art computing power to a broader audience, fostering a new wave of innovation in machine learning.

The move aligns with the broader trend of businesses racing not only for cryptocurrency dominance but also for supremacy in the AI sector. Voltage Park’s strategic investment positions it as a significant player in the evolving landscape of AI computing.

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