PYMNTS.com December 2, 2024
AI chip startup Tenstorrent has reportedly raised $700 million in its quest to challenge Nvidia.
The investment — from Amazon founder Jeff Bezos and Samsung — values the company at roughly $2.6 billion, Bloomberg News reported Monday (Dec. 2).
Tenstorrent plans to use the funding to expand its engineering team, invest in its supply chain and develop large artificial intelligence (AI) training servers to demonstrate its technology.
As companies increasingly seek more power/cost-efficiency in AI, smaller firms are looking to provide a more affordable alternative to Nvidia and its pricier, high-bandwidth memory (HBM) components, the report said.
“You can’t beat Nvidia if you use HBM, because Nvidia buys the most HBM and has a cost advantage,” Tenstorrent founder Jim Keller...
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