From PitchBook:
Nvidia is riding the AI wave that is capturing tech—and the chipmaker is making bigger bets into startups as it grows.
Publicly listed Nvidia briefly hit a $1 trillion market cap after reporting record revenues for its AI-centered graphics chips amid a boom fueled by interest in OpenAI's ChatGPT and Google's Bard generative AI chatbots, briefly putting it within the same league as tech giants Apple and Microsoft.
With Nvidia's participation Thursday in a $270 million Series C for generative AI startup Cohere, one of OpenAI's biggest direct competitors, the company is making its biggest push yet into venture capital, focusing on generative AI's future to further cement itself among the big tech players. It's the second time this year Nvidia has invested in the startup.
Nvidia has taken a bolder approach to startup investments within the last six months, according to PitchBook data. The five largest VC deals that Nvidia participated in since 2018 all occurred this year....
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Also at PitchBook, May 22:In the world of startup valuations, there's generative AI—and everything else
