British AI chip darling Graphcore pulls out of China as Nvidia rival becomes latest casualty of US export curbs

In the world of technology, a British company named Graphcore was making waves with its advanced artificial intelligence (AI) chips. These chips were designed to help computers learn and make decisions, and Graphcore was seen as a potential competitor to Nvidia, a giant in the industry from the United States. However, Graphcore has hit a rough patch due to new rules from the US government. nnThe US decided to stop companies from selling certain high-tech chips to China. They did this to keep their lead in technology and to make sure that China didn't get too advanced. Because of these rules, Graphcore had to cut down on its staff in China and stop selling their products there. This was a big deal because Graphcore had set up a big office in Beijing and had big plans for doing business in China. nnGraphcore was once valued at billions of dollars, but in 2022, they didn't make as much money and lost a lot. They said they needed more money to keep their business running. Despite these challenges, Graphcore is still trying to work with customers from other parts of the world. Other chip makers are also feeling the impact of the US restrictions, and they can't sell their chips to China either. This has led Chinese companies to turn to local chip makers for their needs. For example, Baidu, a big tech company in China, bought a lot of chips from another Chinese company called Huawei. This shows how important decisions by one country can have big effects on companies and markets around the world.