Chip giant Advanced Micro Devices and hedge fund LuminArx Capital Management raised $333 million for a growth financing round for cloud startup Vultr, a sign of the hot demand for artificial intelligence infrastructure.

West Palm Beach, Fla.-based Vultr said it is now valued at $3.5 billion and plans to use the financing to acquire more graphics processing units, or GPUs, the chips that power AI models. The funding is Vultr’s first injection of outside capital.