British chipmaker Graphcore, once touted as a promising rival to Nvidia in the AI chip market, is facing financial difficulties. The company's revenue dropped significantly last year, leading to an 11% increase in pretax loss to $204.6 million and a 46% decrease in revenue to $2.7 million. A major setback was Microsoft's decision not to integrate Graphcore's chips into its cloud computing platform. Graphcore is now seeking additional funding and restructuring its operations to meet its short- and medium-term obligations.