"Intel has signed a term sheet to acquire the AI chip startup SambaNova Systems, two sources with direct knowledge of the agreement tell WIRED. The details of the term sheet are unknown. The agreement is non-binding, meaning the deal is not yet finalized and could be dissolved without penalty. It could take weeks or even months before regulatory approval, liability scrutiny, and financial due diligence are complete."
"Notably, Intel CEO Lip-Bu Tan is currently the chairman of SambaNova Systems. Intel Capital, which Intel is in the process of spinning off into a standalone fund, has also invested in SambaNova Systems. Another investor in SambaNova, Japan's SoftBank Group, made a major investment in Intel earlier this year. A spokesperson for SambaNova declined to comment. Intel had not yet responded to requests for comment at the time of publication."
Intel has signed a non-binding term sheet to acquire AI chip startup SambaNova Systems, with regulatory approval, liability scrutiny, and financial due diligence potentially taking weeks or months. SambaNova was founded in 2017 in Palo Alto by Kunle Olukotun, Rodrigo Liang, and Christopher Ré and develops an AI chip platform for inference computing used by large language models. Intel CEO Lip-Bu Tan serves as SambaNova's chairman. Intel Capital invested in SambaNova and is being spun off into a standalone fund. SambaNova raised $1.14 billion and reached a $5 billion valuation in 2021 before later valuation declines.
Read at WIRED
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