Press releases from Graphcore or SoftBank, major news outlets

Japan's SoftBank Acquires British AI Chipmaker Graphcore for $500 Million with Regulatory Approval

Jul 12, 2024, 02:03 AM

SoftBank Group, the Japanese investment firm, has acquired British AI chipmaker Graphcore for $500 million. The acquisition aims to bolster SoftBank's position in the competitive AI chip market, which is currently dominated by Nvidia. Graphcore, once valued at $2.8 billion in December 2020, has faced financial struggles leading up to this deal. The acquisition will see Graphcore becoming a wholly-owned subsidiary of SoftBank, continuing to operate under its own name. Graphcore's co-founder and CEO, Nigel Toon, has expressed optimism about the investment and its potential impact on the company's future. SoftBank's CEO, Masayoshi Son, has previously outlined a vision for artificial superintelligence, with Graphcore expected to play a key role. The deal has received full regulatory approval.