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.

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.

Tenstorrent, a Santa Clara, California-based startup, has secured nearly $700 million in funding, catapulting its valuation to $2.6 billion. This investment round, led by South Korea's

Tenstorrent, the company vying to compete with Nvidia is now valued at $2.6 billion after Jeff Bezos joined Samsung in a $700m bet on the startup.

Tenstorrent is also a proponent of an alternative kind of logic processor based on an open standard called RISC-V, which poses a challenge to Arm Holdings Plc.

Amazon.com founder Jeff Bezos has joined forces with Samsung to invest $700 million in Tenstorrent, an AI chip startup.

Tenstorrent, which hopes to create a chip to try and break Nvidia’s stranglehold on the AI business, raised capital in a funding round led by South Korea’s AFW Partners and Samsung Securities, founder and semiconductor pioneer Jim Keller said in an interview.

Startup chipmaker Tenstorrent's latest funding round valued the company at about $2.6 billion and included investments from Jeff Bezos and Samsung.

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,