TNB Tech Minute: Perplexity to Triple Valuation to $9 Billion

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[00:00:16] Here's your TNB Tech Minute for Tuesday, November 5th.

[00:00:20] I'm Cordelia James for The Wall Street Journal.

[00:00:22] We're exclusively reporting that artificial intelligence startup Perplexity is finalizing a new funding round

[00:00:28] that would triple its valuation from a few months ago to $9 billion.

[00:00:33] The AI-powered search company is set to raise $500 million.

[00:00:38] That's according to people familiar with the matter.

[00:00:41] Institutional Venture Partners, which also holds a board seat in the startup, will lead Perplexity's fourth funding round this year.

[00:00:49] The funding round would turn Perplexity into one of the most valuable young AI startups to come out of the generative AI boom.

[00:00:56] It was valued at just $520 million at the start of this year.

[00:01:01] Some of the world's most guarded semiconductor technology has ended up in Huawei Technologies' new AI chips.

[00:01:07] Core circuitry from Taiwan's semiconductor manufacturing company, the world's largest contract chip manufacturer,

[00:01:13] was found in Huawei's Ascend 910B chips.

[00:01:17] That's according to people familiar with the matter.

[00:01:19] The Huawei AI chip is one of China's top homegrown alternatives to NVIDIA's high-end offerings that remain off-limits to buyers in China.

[00:01:28] This highlights how difficult it is to stifle China's tech supply chain, despite U.S. export controls and sanctions.

[00:01:34] Huawei, which has been bolstered by billions of dollars in state support in recent years,

[00:01:40] has become one of China's tech national champions and sits at the forefront of the country's AI ambitions.

[00:01:46] And, Palantir Technologies' shares jumped nearly 23.5% after the software company posted strong sales and raised its revenue guidance.

[00:01:56] Palantir exceeded analyst expectations when it reported revenue of $726 million for last quarter, up 30% from a year ago.

[00:02:05] The company also scored some major contracts with the Defense Department this year.

[00:02:09] That includes an expanded role in Project Maven, the Pentagon's marquee AI program.

[00:02:15] For a deeper dive into what's happening in tech, check out Wednesday's Tech News Briefing Podcast.