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AI Pioneer Graphcore Mulls a Potential Foreign Sale After Struggling to be Profitable

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Once an AI giant, British firm Graphcore is exploring its options for a potential foreign sale. According to a report by The Telegraph, the chipmaker is considering a sale to overseas investors following its inability to profit from the AI boom. The sale comes after the firm has previously reported widened losses, and even struggled to raise funds.

Graphcore’s potential sale highlights failed AI quest

According to a report by the Telegraph, Graphcore has been in talks with big tech businesses about perhaps doing a deal as it looks to secure fresh capital to offset significant losses. Senior shareholders in the Bristol-based business have also increased the value of their holdings dramatically. This may be a sign of a purchase worth more than $500 million. The report further highlights that national security officials would probably scrutinize any sale to a foreign bidder. This comes given the increased attention being paid to AI technology, which is regarded as a strategic priority. This could potentially be a downturn for the firm. However, if a sale was to be on the company’s card, overcoming any regulatory hurdle would just be an aftermath of the entire process.

Widened losses and cash crunch weigh Graphcore

Graphcore’s potential sale comes after the firm has previously struggled with huge losses and cash crunch. According to Reuters reports, Graphcore had stated that it needed to raise money because of growing losses. The fundraising was also a result of Nvidia’s hegemony in AI processors reducing funding for companies aiming to take on the company head-on. The firm’s pre-tax losses increased by 11% to $204.6 million, as per its financial results for 2022. The revenue for the same time fell to $2.7 million, a 46% drop.

Is Graphcore’s struggle an overview of the AI market?

Graphcore’s struggle is just the tip of a huge struggling startup ecosystem that is trying to mint money out of the AI boom. However, for a long time, investors have placed bets on the AI revenue models of various companies. Artificial intelligence is expected to have a greater impact on financial markets in the future than on equities or enterprises. Countries all over the world are currently pricing in money to encourage the manufacture of additional imports and exports of AI. The global artificial intelligence market is anticipated to develop at a compound annual growth rate (CAGR) of 37.3% between 2023 and 2030. Forbes predicts that China will gain the most from AI. By 2030, the nation’s GDP will have increased by 26%. The GDP of North America will have increased by 14.5% as well during the same time.

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