AI Chip Startup Positron Raises $230 Million From Arm, Qatar to Compete With Nvidia - Bloomberg
AI chip startup Positron, which is trying to compete with Nvidia Corp., raised $230 million in a funding round from investors including Arm Holdings Plc and the Qatar Investment Authority.
The round values the company at more than $1 billion, including funds raised, Chief Executive Officer Mitesh Agrawal said in an interview. The round was co-led by Arena Private Wealth, formerly OCM Private Wealth, Positron customer Jump Trading, and Unless. Helena, as well as previous investors including Valor Equity Partners, Atreides Management and DFJ Growth, also participated.
Positron, based in Reno, Nevada, is trying to compete with Nvidia by offering energy-efficient AI chips for inference, or running AI models.
The company, which also has listed Cloudflare Inc. and Parasail as customers, is currently selling a first version of its product based on existing reprogrammable chip technology. The second version is being designed from the ground up, and the company expects to have that done by September or October.
“In an ideal world we want to match Nvidia on product cadence,” Agrawal said. “That’s one of the things that AI silicon companies haven’t done in the past.” Positron’s chip will have more memory attached than Nvidia’s Rubin chip, which comes out later this year, he said. That will make Positron’s product perform well when reasoning and video models answer queries, he said.
Agrawal said the company wasn’t trying to raise money until Jump, a proprietary trading firm, tested Positron’s first-generation product and became interested in its plan for the next chip. Jump’s chief technology officer suggested the company invest. Arena knew Agrawal from its investment in Lambda, a so-called neocloud company, where Agrawal served as chief operating officer.
Nvidia’s chips are the dominant products to training and run AI models, but that will change, said Alex Davies, Jump’s CTO.
“We don’t think there’s going to be one winner,” Davies said. “I don’t think in five years’ time there’s going to be one company making a piece of hardware that everyone does inference on.” Jump often has tasks where it needs access to more memory and where it can’t get endless amounts of power, making Positron’s design appealing. “We look a bit more like a customer that has constraints, rather than an OpenAI or an Anthropic who are just putting infinite power into buildings.”
Recent interest in companies that make AI chips that can perform some inference tasks better, faster or cheaper is boosting enthusiasm for AI chip makers like Positron. There’s also so much demand for semiconductors to power AI that companies like OpenAI are signing deals with various vendors. In December, Nvidia signed a license with AI chip startup Groq for a reported $20 billion and hired most of that company’s chip engineers, while last month OpenAI reached a multiyear deal to use hardware from Cerebras Systems Inc. for 750 megawatts’ worth of computing power.
The deals signal an opening for products other than Nvidia’s chips if they can offer an advantage in performance per dollar or performance per watt of energy. Buyers are now more willing to have AI data centers that aren’t all based on Nvidia’s chips.
“What folks are saying is, especially on the inference side, because the demand is growing so much, we are OK with heterogeneous architectures,” Agrawal said. “The workloads are so large that, if you can save whatever percentage, it’s worth it.”
Monday, 9 February 2026
#Qatar Pushes Start of Its Massive LNG Expansion to End-2026 - Bloomberg
Qatar Pushes Start of Its Massive LNG Expansion to End-2026 - Bloomberg
QatarEnergy is pushing the start of its multibillion-dollar liquefied natural gas expansion project to as late as the end of the year, a move that’s likely to keep global markets tighter for longer.
The company recently told stakeholders and buyers that production from the North Field East facility will begin only in the fourth quarter, a slight delay from earlier plans for the third quarter, according to people with knowledge of the matter, who asked not to be identified because the timelines are not public. The project could even slip into 2027, one of the people said.
QatarEnergy didn’t immediately respond to a request for comment.
Qatar’s project is part of a record wave of new supply set to flood the market through the rest of the decade. However, project delays around the world — coupled with Europe’s move to replace Russian gas with LNG — keep pushing back the emergence of a glut.
ConocoPhillips, a stakeholder in the project, said last week that the expansion is set to start in the second half of this year. North Field East is the first phase of Qatar’s massive expansion, which will almost double its export capacity to 142 million tons by 2030.
The reason for the delay isn’t immediately clear, according to the people. However, it is normal for this type of massive development to be delayed by months as start-up nears, in order to iron out engineering issues. QatarEnergy’s Golden Pass export plant in the US was pushed back due in part to its lead contractor Zachry Holdings Inc. declaring bankruptcy.
LNG projects have been grappling with supply chain bottlenecks and cost inflation for years.
Meanwhile, Qatar still needs customers for its expansion, with much of its planned supply additions yet to be committed to long-term buyers. This takes some pressure off the Middle Eastern supplier to rush to expand exports.
QatarEnergy is pushing the start of its multibillion-dollar liquefied natural gas expansion project to as late as the end of the year, a move that’s likely to keep global markets tighter for longer.
The company recently told stakeholders and buyers that production from the North Field East facility will begin only in the fourth quarter, a slight delay from earlier plans for the third quarter, according to people with knowledge of the matter, who asked not to be identified because the timelines are not public. The project could even slip into 2027, one of the people said.
QatarEnergy didn’t immediately respond to a request for comment.
Qatar’s project is part of a record wave of new supply set to flood the market through the rest of the decade. However, project delays around the world — coupled with Europe’s move to replace Russian gas with LNG — keep pushing back the emergence of a glut.
ConocoPhillips, a stakeholder in the project, said last week that the expansion is set to start in the second half of this year. North Field East is the first phase of Qatar’s massive expansion, which will almost double its export capacity to 142 million tons by 2030.
The reason for the delay isn’t immediately clear, according to the people. However, it is normal for this type of massive development to be delayed by months as start-up nears, in order to iron out engineering issues. QatarEnergy’s Golden Pass export plant in the US was pushed back due in part to its lead contractor Zachry Holdings Inc. declaring bankruptcy.
LNG projects have been grappling with supply chain bottlenecks and cost inflation for years.
Meanwhile, Qatar still needs customers for its expansion, with much of its planned supply additions yet to be committed to long-term buyers. This takes some pressure off the Middle Eastern supplier to rush to expand exports.
Exclusive: #SaudiArabia wealth fund set to announce strategy revamp, sources say | Reuters
Exclusive: Saudi Arabia wealth fund set to announce strategy revamp, sources say | Reuters
Saudi Arabia's $925 billion Public Investment Fund (PIF) plans to announce a new five-year strategy this week, two people with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman's economic transformation plan.
The Saudi sovereign wealth fund soft-launched its new 2026-2030 strategy with key investors and strategic partners on Monday on the sidelines of a conference in Riyadh, the two people and another familiar with the matter told Reuters.
The new blueprint will emphasize sectors including industry, minerals, artificial intelligence and tourism, while scaling back and in some cases reconfiguring expensive mega projects such as The Line a futuristic mirrored city, the sources said.
All three sources declined to be named because they were not authorised to speak publicly about the matter.
One said the new roadmap will place greater emphasis on attracting capital from major global asset managers, reflecting mounting fiscal pressures as oil prices remain well below levels needed to fund the kingdom's ambitious transformation agenda.
The shift marks the most significant recalibration to date of bin Salman's Vision 2030, which for nearly a decade has prominently featured mega futuristic developments. The kingdom is currently reviewing several of the mega projects.
Many of these, including The Line, which extends 170 km (106 miles) into the desert, and the planned Trojena winter sports hub, have faced delays and ballooning costs. The latest to be suspended was a cube-shaped skyscraper in Riyadh.
Last month, Saudi Economy Minister Faisal al-Ibrahim told Reuters: "We're very transparent. We're not going to shy away from saying we had to shift this project, delay it, re-scope it," without mentioning specific projects.
Under the new strategy, NEOM will shift away from its earlier emphasis on tourism and futuristic urban design toward renewable energy and industrial development, including green hydrogen, solar and wind projects, and data centres that benefit from their proximity to the sea for cooling, the people said.
The Line was not on display in the venue at Monday's opening day of the private sector forum, while NEOM’s video displays underscored the new direction, focusing on energy and industrial initiatives rather than the high‑profile real estate and tourism concepts once billed as being at its core.
PIF's updated focus echoes details previously reported by Reuters, , including a broader shift toward logistics, mining and advanced manufacturing, as well as clean energy and religious tourism.
Saudi Arabia's $925 billion Public Investment Fund (PIF) plans to announce a new five-year strategy this week, two people with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman's economic transformation plan.
The Saudi sovereign wealth fund soft-launched its new 2026-2030 strategy with key investors and strategic partners on Monday on the sidelines of a conference in Riyadh, the two people and another familiar with the matter told Reuters.
The new blueprint will emphasize sectors including industry, minerals, artificial intelligence and tourism, while scaling back and in some cases reconfiguring expensive mega projects such as The Line a futuristic mirrored city, the sources said.
All three sources declined to be named because they were not authorised to speak publicly about the matter.
One said the new roadmap will place greater emphasis on attracting capital from major global asset managers, reflecting mounting fiscal pressures as oil prices remain well below levels needed to fund the kingdom's ambitious transformation agenda.
The shift marks the most significant recalibration to date of bin Salman's Vision 2030, which for nearly a decade has prominently featured mega futuristic developments. The kingdom is currently reviewing several of the mega projects.
Many of these, including The Line, which extends 170 km (106 miles) into the desert, and the planned Trojena winter sports hub, have faced delays and ballooning costs. The latest to be suspended was a cube-shaped skyscraper in Riyadh.
Last month, Saudi Economy Minister Faisal al-Ibrahim told Reuters: "We're very transparent. We're not going to shy away from saying we had to shift this project, delay it, re-scope it," without mentioning specific projects.
Under the new strategy, NEOM will shift away from its earlier emphasis on tourism and futuristic urban design toward renewable energy and industrial development, including green hydrogen, solar and wind projects, and data centres that benefit from their proximity to the sea for cooling, the people said.
The Line was not on display in the venue at Monday's opening day of the private sector forum, while NEOM’s video displays underscored the new direction, focusing on energy and industrial initiatives rather than the high‑profile real estate and tourism concepts once billed as being at its core.
PIF's updated focus echoes details previously reported by Reuters, , including a broader shift toward logistics, mining and advanced manufacturing, as well as clean energy and religious tourism.
Most Gulf stocks rise as US-Iran talks ease tensions; earnings support | Reuters
Most Gulf stocks rise as US-Iran talks ease tensions; earnings support | Reuters
Most major Gulf equities edged higher on Monday after worries about a potential U.S.-Iran confrontation eased, while upbeat corporate earnings added to investor optimism.
Iran and the U.S. pledged to continue their talks, following what both sides described as positive discussions. That eased the concern that a failure to reach a deal might nudge the Middle East closer to war, as the U.S. has positioned more military forces in the area.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a sixth straight session and rose 1.3% to 6,774, a fresh record high since 2006. Emaar Properties (EMAR.DU), opens new tab gained 2.8%, while Dubai Investments (DINV.DU), opens new tab climbed 4.3%.
"Dubai is currently benefiting from a perfect mix of high liquidity and sector-specific booms," said Samer Hasn, senior market analyst at XS.com.
Aldar Properties (ALDAR.AD), opens new tab jumped 5.2% to 10.86 dirhams per share, its highest level in over 17 years. The blue-chip developer reported a 49% increase in fourth-quarter net profit and proposed a full-year cash dividend of 0.205 dirham per share, an increase of 10.8%.
Americana Restaurants International (AMR.AD), opens new tab surged 14.7%, the sharpest daily percentage jump since listing in 2022. The dual-listed operator posted a 38% rise in full-year net profit. On Sunday, it signed an agreement with a Lebanese quick-service restaurant brand Malak Al Tawouk (MAT), to operate and develop MAT in 13 markets.
The Qatari benchmark index (.QSI), opens new tab closed 0.8% higher with all of its constituents posting gains. Qatar Navigation added 3.2%, and United Development Co (UDCD.QA), opens new tab rose 3.9% after reporting higher full-year net profit.
Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2% with Saudi National Bank (1180.SE), opens new tab falling 1.6% and Saudi Arabian Mining Company (1211.SE), opens new tab shedding 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab inched up 0.5%, supported by a 2.7% jump in Eastern Company (EAST.CA), opens new tab and a 2.4% gain in Telecom Egypt (ETEL.CA), opens new tab.
Meanwhile, Egypt has signed a record $3.5 billion agreement to allocate 410 megahertz of new spectrum to its four mobile operators including Telecom Egypt, the cabinet said in a statement on Saturday.
Most major Gulf equities edged higher on Monday after worries about a potential U.S.-Iran confrontation eased, while upbeat corporate earnings added to investor optimism.
Iran and the U.S. pledged to continue their talks, following what both sides described as positive discussions. That eased the concern that a failure to reach a deal might nudge the Middle East closer to war, as the U.S. has positioned more military forces in the area.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a sixth straight session and rose 1.3% to 6,774, a fresh record high since 2006. Emaar Properties (EMAR.DU), opens new tab gained 2.8%, while Dubai Investments (DINV.DU), opens new tab climbed 4.3%.
"Dubai is currently benefiting from a perfect mix of high liquidity and sector-specific booms," said Samer Hasn, senior market analyst at XS.com.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab advanced 0.6%, led by consumer discretionary, consumer staples and real estate.
Aldar Properties (ALDAR.AD), opens new tab jumped 5.2% to 10.86 dirhams per share, its highest level in over 17 years. The blue-chip developer reported a 49% increase in fourth-quarter net profit and proposed a full-year cash dividend of 0.205 dirham per share, an increase of 10.8%.
Americana Restaurants International (AMR.AD), opens new tab surged 14.7%, the sharpest daily percentage jump since listing in 2022. The dual-listed operator posted a 38% rise in full-year net profit. On Sunday, it signed an agreement with a Lebanese quick-service restaurant brand Malak Al Tawouk (MAT), to operate and develop MAT in 13 markets.
The Qatari benchmark index (.QSI), opens new tab closed 0.8% higher with all of its constituents posting gains. Qatar Navigation added 3.2%, and United Development Co (UDCD.QA), opens new tab rose 3.9% after reporting higher full-year net profit.
Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2% with Saudi National Bank (1180.SE), opens new tab falling 1.6% and Saudi Arabian Mining Company (1211.SE), opens new tab shedding 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab inched up 0.5%, supported by a 2.7% jump in Eastern Company (EAST.CA), opens new tab and a 2.4% gain in Telecom Egypt (ETEL.CA), opens new tab.
Meanwhile, Egypt has signed a record $3.5 billion agreement to allocate 410 megahertz of new spectrum to its four mobile operators including Telecom Egypt, the cabinet said in a statement on Saturday.
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