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go through Hong Kong Economic Times July 12, 2024
Japan’s SoftBank Group has acquired British artificial intelligence (AI) chipmaker Graphcore for an undisclosed sum.
Graphcore co-founder and chief executive Nigel Toon said the deal would give Graphcore the resources it needed to compete globally, but acknowledged the difficulties the company faced.
Asked about the possibility of working with SoftBank-owned British chip designer ARM, Toon said Graphcore would work with partners under its parent company.
Graphcore, once seen as a rival to Nvidia, has struggled to secure the investment needed to compete. Graphcore was valued at $2.77 billion at the end of 2020. A filing published last year showed that Graphcore needed more cash to break even. The company had previously cut a fifth of its workforce, to 494 employees, and closed operations in Norway, Japan and South Korea.
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