Etched announced that it has raised $120 million in a challenge to Nvidia in designing AI chips. : This is interesting, considering one of its rivals is Nvidia, which just beat out Microsoft as the world’s most valuable company last week as it hit a valuation of $3.3 trillion. Etched believes its team of 35 people can beat Nvidia, and this is why folks like Peter Thiel are backing Etched. Primary Venture Partners and Positive Sum Ventures led the round, with support from institutional investors including Hummingbird, Fundomo, Fontinalis, Lightscape, Earthshot, Two Sigma (strategic), and Skybox Data Centers (strategic).