JUST IN: Nvidia (NVDA) shares rise above $190 after buying chip startup Groq’s assets for $20 billion.
Under the deal, Nvidia will pay $20 billion in cash to access, develop, and deploy Groq’s AI inferencing technology, while GroqCloud will continue to operate independently. As part of the arrangement, Groq CEO Jonathan Ross will join Nvidia. Ross is a former Google engineer and executive who was involved in creating Google’s Tensor Processor Unit project.