AI Chip Startup Etched in Talks for $20 Billion Valuation as Nvidia Challengers Draw Fresh Capital

Etched, a San Jose startup building AI inference chips designed to challenge Nvidia, is in talks to raise capital at a roughly $20 billion valuation in a round led by existing backer Jane Street, according to reporting from The Wall Street Journal. The figure would mark a fourfold jump for the company, which is also pursuing a separate financing led by Sequoia Capital at a $10 billion valuation. Neither round is finalized, and terms could still change.