Samsung Denies $300 Million Investment in Jim Keller’s Tenstorrent – BusinessKorea

Tenstorrent, a fabless semiconductor design startup founded by Jim Keller in 2016, is making waves in the AI chip market, challenging Nvidia's dominance. The company, which holds numerous AI-related intellectual properties, including neural processing unit (NPU) technology essential for autonomous driving, has attracted significant attention and investment from major industry players.
Jim Keller, the CEO of Tenstorrent, is a renowned figure in the semiconductor design field, having led the design of Apple's A-series chips and AMD's Ryzen CPUs. His leadership adds credibility and interest to Tenstorrent's ambitions to challenge Nvidia's market dominance.
In August last year, Samsung Electronics co-led a $100 million investment in Tenstorrent through its Samsung Catalyst Fund (SCF), operated by its Strategy and Innovation Center (SSIC). Although the specific investment amount was not disclosed at the time, this move marked the beginning of a strategic relationship between the two companies. In October, Samsung Electronics was selected as the foundry for Tenstorrent's next-generation AI chips, effectively blocking Tenstorrent's transactions with its competitor, TSMC.
Hyundai Motor and Kia also recognized Tenstorrent's potential, investing $50 million in the startup last year. Earlier this year, Hyundai Mobis appointed Tenstorrent's Chief Operating Officer (COO) Keith Witek as an outside director at its shareholders' meeting, further solidifying the relationship between the companies.
On June 12, Samsung Electronics held the “Samsung Foundry Forum 2024” in Silicon Valley, USA, where it announced plans to strengthen its one-stop turnkey service for AI chip production. This service includes foundry, memory, and advanced packaging, offered as a “one team” solution. The following day, U.S. IT magazine The Information reported that Samsung Electronics was pushing for an investment in Tenstorrent, citing sources that mentioned existing investors Fidelity Asset Management and Hyundai Motor Group, along with LG Electronics, as potential new investors.
However, Samsung Electronics has denied these reports. "There is no truth to this," a Samsung spokesperson stated, adding, "We have not participated in this investment." LG Electronics also commented, "We have been collaborating with Tenstorrent and are internally reviewing the investment, but nothing has been confirmed yet." Hyundai Motor echoed this sentiment, saying, "We are not aware of any additional investments beyond last year's."
The Information highlighted the challenges of breaking into the AI chip market dominated by Nvidia, noting that companies may go bankrupt in the process. Tenstorrent, however, has expressed confidence in its strategy, stating that while most AI chip startups overly rely on the large language model (LLM) sector, it is developing multipurpose AI chips.
Samsung Electronics' strategic moves in the semiconductor industry are noteworthy. The company is constructing a $17 billion semiconductor plant in Texas and targeting AI startups as new customers for its foundry business. Last year, Samsung announced it would produce products for AI chip startup Groq, which recently inquired about raising $300 million from Morgan Stanley. European semiconductor startup Black Semiconductor also raised $275 million from the German government and others, underscoring the high stakes and significant investments required in this competitive market.
Jim Keller, the CEO of Tenstorrent, is a renowned figure in the semiconductor design field, having led the design of Apple's A-series chips and AMD's Ryzen CPUs. His leadership adds credibility and interest to Tenstorrent's ambitions to challenge Nvidia's market dominance.
As the AI chip market continues to evolve, the relationships and investments between major players like Samsung, Tenstorrent, and other industry giants will be crucial in shaping the future landscape. While Samsung has denied leading a $300 million investment in Tenstorrent, the ongoing collaborations and strategic moves indicate a dynamic and competitive environment in the semiconductor industry.
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