Groq more than doubles valuation to $6.9 billion as investors bet on AI chips

Chip startup Groq said on Wednesday it has raised $750 million, more than doubling its valuation to $6.9 billion in just over a year as Wall Street bets big on the hardware that powers artificial intelligence technology.

Groq, founded by a former Alphabet engineer, is among a long list of new chip players looking to capitalise on hundreds of millions of dollars in investments on AI infrastructure.

Its last funding round was in August last year, when it raised $640 million that brought its valuation to $2.8 billion.

The round announced on Wednesday was…