AI server chips that effectively compete with Nvidia’s have never been more in-demand as AI developers and cloud providers seek lower-cost alternatives to the market leader.

In the latest example, nine-year-old chip startup SambaNova is set to raise between $800 million and $1 billion, its executive chairman, Lip-Bu Tan, said at an event on Tuesday. Tan, who is also CEO of chip designer and manufacturer Intel, didn’t elaborate. But people with knowledge of the deal said it would value the company at around $10 billion, excluding the new capital, about five times higher than the startup’s last funding round just four months ago.