Japanese Conglomerate Softbank Acquires British AI Chip Designer Graphcore for Undisclosed Amount as Chipmaker Struggles in AI Boom

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.