Billionaire Jeff Bezos is throwing his weight behind a computing company that’s coming for Nvidia’s (NVDA) dominance of the artificial intelligence chip market.

Tenstorrent raises nearly $700 million in a Series D round that values the AI hardware company at more than $2.6 billion.

As the quest for more power and cost efficiency in AI ramps up, smaller companies are sprouting up trying to snatch market share from Nvidia.

Through his venture capital firm, Jeff Bezos has invested in Tenstorrent. The AI chip startup is focused on developing more affordable solutions. In a market