Tenstorrent raises nearly $700 million in a Series D round that values the AI hardware company at more than $2.6 billion.

Billionaire Jeff Bezos is throwing his weight behind a computing company that’s coming for Nvidia’s (NVDA) dominance of the artificial intelligence chip market.

NVIDIA is part of the industry, being the world’s leading supplier of AI hardware. Now, the emerging competition is looking to grab a piece of the pie while offering reliable alternative options. Tenstorrent,

As the quest for more power and cost efficiency in AI ramps up, smaller companies are sprouting up trying to snatch market share from Nvidia.