Nvidia Rival Groq Set To Double Valuation To $2.5B With BlackRock-Led Funding Round: Report
Portfolio Pulse from Benzinga Neuro
Groq, a rival of Nvidia, is set to double its valuation to $2.5 billion with a new funding round led by BlackRock. The AI chip company, founded by former Google executive Jonathan Ross, aims to raise $300 million with the help of Morgan Stanley. This development highlights the growing interest and investment in AI hardware, despite Nvidia's market fluctuations.
June 26, 2024 | 8:00 am
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Nvidia faces increasing competition from Groq, which is set to double its valuation to $2.5 billion with a new funding round led by BlackRock. This could impact Nvidia's market position and stock price.
Groq's significant valuation increase and new funding round highlight the growing competition in the AI chip market, which could impact Nvidia's market share and stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Intel-backed Untether.AI is among the competitors in the AI hardware market, which is seeing significant investments, as shown by Groq's new funding round led by BlackRock.
Groq's funding round highlights the competitive nature of the AI hardware market. While it does not directly impact Intel, it indicates the increasing competition faced by Intel-backed Untether.AI.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Microsoft-backed Dmatrix is one of the competitors in the AI hardware inference market, which is seeing increased investment and competition, as evidenced by Groq's new funding round.
While Groq's funding round highlights increased competition, it does not directly impact Microsoft significantly. However, it underscores the competitive landscape in which Microsoft-backed Dmatrix operates.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50