Softbank Acquires British AI Chip Maker Graphcore in $500M Deal 🚀

Pioneering British AI chip designer Graphcore was bought by Japanese conglomerate Softbank for an undisclosed amount, though reports say it was around $500 million. Graphcore has faced slowing sales and closing offices since 2020. It was seen as a potential rival to Nvidia but struggled to compete. Graphcore CEO Nigel Toon said the deal was a "tremendous endorsement" and would lead to more UK hiring, though the company value had dropped along with the tech sector generally.