Nvidia rival Groq enlists Morgan Stanley to raise $300M, The Information says

Groq, an Nvidia (NVDA) rival that develops specialized server chips and software for artificial Intelligence, has told investors it wants to raise about $300M, The Information’s Natasha Mascarenhas and Cory Weinberg report, citing two people familiar with the matter. It has tapped Morgan Stanley (MS) to help with the fundraising, according to sources. The new round would roughly double its total funding, bringing it closer to startup rivals such as Cerebras in terms of total cash raised, the authors note.