AI startup Groq reportedly raising $650 million for new entity

According to Odaily, AI chip maker Groq Inc. is raising up to $650 million from existing investors to form a new company, following a $20 billion licensing agreement with Nvidia (NVDA.O). The new entity, referred to as "Groq2," is reportedly set to transition away from chip manufacturing to focus on building "AI neoclouds" services. (Axios)