Sequoia’s Former Chinese Arm Backs Another Nvidia Challenger

HongShan, a prominent Chinese venture capital firm that recently separated from Sequoia Capital, has invested in a startup that competes with U.S. artificial intelligence chip giant Nvidia in the Chinese market, according to three people with knowledge of the matter. It’s the latest of several investments HongShan has made in domestic AI chip startups.

HongShan’s previously unreported investment in Shanghai-based Iluvatar CoreX, which investors earlier valued at more than $1 billion, comes as the U.S. has been trying to block …

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