EU prosecutors investigate Northern Data's €500 million GPU procurement case

[EU prosecutors investigate Northern Data's €500 million GPU procurement case] Sources revealed that last week's raid on Northern Data AG's office is part of a criminal investigation, focusing on whether the company illegally reported tax deductions for high-performance computing chips amounting to approximately €500 million (about $586 million). According to insiders, European prosecutors are examining the situation where Northern Data purchased graphics processing units (GPUs) for a project in northern Sweden. They are investigating whether Northern Data, backed by stablecoin issuer Tether Holdings SA, obtained tax breaks by claiming that these chips were used for artificial intelligence, while in fact, these chips were used for cryptocurrency mining.