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July 11, 2024, 3:19 p.m.
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Japanese conglomerate Softbank has acquired British AI chip firm Graphcore, once considered a rival to leading company Nvidia. While the exact amount paid remains undisclosed, it is believed to be significantly less than the £2bn valuation by Graphcore in 2020. Graphcore CEO Nigel Toon expressed that the acquisition was a strong validation of the team's capabilities. However, this deal raises concerns about the UK's ability to develop firms that can compete with major players in the rapidly growing AI chip market. This is not the first time Softbank has acquired a promising UK start-up, following its controversial purchase of British chip designer Arm in 2016.

The acquisition of Graphcore has been seen as another setback for UK financial markets, as the country seeks a high-profile tech listing to revitalize its global financial center reputation. While Science Secretary Peter Kyle welcomed the deal, he acknowledged the need for further efforts to make the UK an attractive environment for starting and growing businesses. Toon believes that the deal demonstrates UK firms' ability to compete with tech giants, highlighting that Graphcore has successfully challenged industry leaders with fewer resources. He confirmed his continued position as CEO and mentioned that the acquisition would lead to the hiring of new staff for the company's UK offices. The company will now operate as a subsidiary of SoftBank while retaining its headquarters in Bristol.



Brief news summary

Graphcore, a British AI chip firm, has been acquired by Japanese conglomerate Softbank. The purchase price has not been disclosed, but rumors suggest that Graphcore's valuation of £2 billion in 2020 exceeds the acquisition amount. Although seen as a potential competitor to Nvidia, concerns arise about the UK's ability to foster companies that can rival major players in the AI chip market. Softbank's previous acquisition of UK chip designer Arm in 2016, along with other recent events, questions the reputation of UK financial markets. Nevertheless, Science Secretary Peter Kyle views the Graphcore acquisition as a positive development that resolves previous uncertainties. Kyle acknowledges the need for the UK to improve its business environment. Graphcore CEO Nigel Toon remains in charge, with the company continuing operations in Bristol and expanding its UK workforce. Toon believes this deal showcases UK firms' ability to compete with technology giants despite their size and capital constraints.
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