Middle Eastern Investors Give Lifeline to Struggling California AI Chipmaker Blaize
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Blaize, a struggling California-based chip company, is getting a financial lifeline from Middle Eastern investors interested in AI tech. It plans to go public via a SPAC merger that will bring in $71M.
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The investors include royal families and sovereign wealth funds from Saudi Arabia, UAE, and Qatar that want to transform the Gulf states into an AI hub.
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As a chip company, Blaize could face US export control pressures given concerns about China accessing tech through the Middle East. Other chip firms like Nvidia have faced restrictions.
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Blaize is signing major deals in the Middle East, including a $50M partnership in the UAE, to provide its AI chips and train thousands on its software.
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After years of obscurity, Blaize now has a path forward thanks to Middle Eastern interest in developing AI technology and infrastructure. Its chips have defense, auto, and other applications.