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NEW YORK - Freedom Holding Corp. (NASDAQ:FRHC), a financial services firm with an $8.68 billion market capitalization, has signed an agreement with Kazakhstan’s Ministry of Artificial Intelligence and Digital Development to develop a $2 billion Sovereign AI Hub in the Central Asian nation, according to a press release statement issued Friday. The announcement comes as InvestingPro data shows the stock has fallen nearly 11% over the past week.
The planned hub will be operated by Freedom Holding and powered by sovereign exascale NVIDIA AI infrastructure at a site with 100 MW of available power. The company will serve as the principal financing and implementation partner in the project, which aims to accelerate Kazakhstan’s position in artificial intelligence development. Despite trading at a high P/E ratio of 105.47, Freedom Holding has demonstrated strong financial performance with revenue growth of 33.74% in the last twelve months.
Kazakhstan’s government, through its Ministry, will support favorable conditions for hosting and operating the large-scale AI systems and lead related talent development programs.
"Working with NVIDIA is an important step in implementing Kazakhstan’s national AI strategy," said Zhaslan Madiyev, Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development, who described the initiative as building "the foundation of a sovereign AI ecosystem."
Freedom Holding CEO Timur Turlov stated the project aims to "strengthen Kazakhstan’s position in the global AI landscape" and drive growth throughout Central Asia.
Freedom Holding Corp. provides financial services across 21 countries including Kazakhstan, the United States, and several European and Central Asian nations. The company operates various businesses in Kazakhstan including Freedom Bank, Freedom Broker, and insurance companies. Its shares are traded on NASDAQ, the Kazakhstan Stock Exchange, and the Astana International Exchange under the ticker FRHC.
In other recent news, Freedom Holding Corp. reported a 17% increase in first-quarter revenue for fiscal 2026, attributed to growth in its customer base and strong performance in its insurance segment. This financial update highlights the company’s robust start to the fiscal year. Additionally, Freedom Holding Corp. held its 2025 annual meeting of stockholders, where Timur Turlov and Philippe Vogeleer were elected as Class III directors, with terms lasting until the 2028 annual meeting.
The election results showed substantial support for both directors, with Turlov receiving 42,878,028 votes in favor and Vogeleer receiving 43,227,975 votes in favor. Meanwhile, the latest Freedom Holding Corp. PMI data indicated a contraction in Kazakhstan’s service sector activity for October, marking the first decline in ten months. The PMI Business Activity Index fell to 49.3, signaling a reduction in service sector activity. These developments offer investors a glimpse into the company’s recent performance and strategic directions.
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