Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) plans to buy artificial intelligence (AI) chip startup Rivos to power its own semiconductor production efforts, Reuters reported on Tuesday.
Financial terms were not disclosed.
Rivos designs chips based on the RISC-V architecture, an open-source alternative to the architectures made by Arm, Intel and AMD.
The media outlet noted that Rivos was near new funding at about a $2 billion valuation, citing an earlier source.
Meta has been one of Rivos' largest customers.
In March, Reuters reported that Meta was testing its first in-house chip for training AI systems as the company seeks to cut infrastructure costs and reduce its reliance on Nvidia.
Meta plans to expand work on the Meta Training and Inference Accelerator (MTIA), its family of custom‑built in‑house chip accelerators, Meta's vice president of engineering Yee Jiun Song said in a LinkedIn post.