The Race to Power AI's Silicon Brains

Nigel Toon, the cofounder and CEO of Graphcore, a semiconductor startup based in the U.K., recalls that only a couple of years ago many venture capitalists viewed the idea of investing in semiconductor chips as something of joke. "You'd take an idea to a meeting," he says, "and many of the partners would roll about on the floor laughing." Now some chip entrepreneurs are getting a very different reception. Instead of rolling on the floor, investors are rolling out their checkbooks. Venture capitalists have good reason to be wary of silicon, even though it gave Silicon Valley its name.