Artificial intelligence is taking the tech industry by storm. Demand for GPU-powered cloud services is soaring as many companies look to train and run advanced AI models. Plenty of options are available, including GPU instances on major cloud platforms like Amazon Web Services and offerings from myriad start-ups.

Until now, DigitalOcean (NYSE: DOCN) has been absent from this market. The company takes an approach to cloud computing that puts simplicity at the center, and it's resisted the urge to rush a solution that goes against that ethos. Training an AI model is not a simple thing to do, often requiring a complex software stack along with expertise.

Instead of building its own solution, DigitalOcean has turned to its acquisition playbook to layer on an easy-to-use AI computing service. The company announced on Thursday that it will acquire GPU-focused cloud provider Paperspace for $111 million.

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Source Fool.com