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Key Points
Meta said Tuesday that it formed a joint venture agreement with Blue Owl Capital in a deal worth $27 billion to fund and develop the massive Hyperion data center in rural Louisiana.
The asset management firm will own 80% in the joint venture, while Meta will retain a 20% stake and oversee the construction and property management services of the data center.
Meta has been spending heavily on AI amid a broader race with other tech giants like Alphabet and ChatGPT-maker OpenAI, which are also developing gigantic data centers to power future AI models.