Fractile Funding, Investors & Competitors

Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads.

Micron is one of the largest semiconductor companies in the world, specializing in memory and storage chips. Its primary revenue stream comes from dynamic random access memory, or DRAM, and it also has minority exposure to not-and or NAND, flash chips. Micron serves a global customer base, selling chips into data centers, mobile phones, consumer electronics, and industrial and automotive applications. The firm is vertically integrated.

SK hynix is a semiconductor memory manufacturer with around 60%-70% of its revenue from DRAM and 30%-35% of its revenue from NAND. The company is both the second-largest DRAM and NAND supplier globally with a 33% and 21% market share, respectively, as of 2024. SK Hynix increased its market position in NAND from fourth to second, after acquiring Intel's NAND business in 2021. SK Square, an investment management company spun off from SK Telecom, is SK Hynix's largest shareholder and currently holds 20% of the company's shares.

Advanced Micro Devices designs a variety of digital semiconductors for markets such as PCs, gaming consoles, data centers (including artificial intelligence), industrial, and automotive applications. AMD’s traditional strength was in central processing units and graphics processing units used in PCs and data centers. However, AMD is emerging as a prominent player in AI GPUs and related hardware. Additionally, the firm supplies the chips found in prominent game consoles such as the Sony PlayStation and Microsoft Xbox.

Arm Holdings is the IP owner and developer of the ARM architecture, which is used in 99% of the world’s smartphone CPU cores, and it also has high market share in other battery-powered devices like wearables, tablets, or sensors. Arm licenses its architecture for a fee, offering different types of licenses depending on the flexibility the customer needs. Customers like Apple or Qualcomm buy architectural licenses, which allow them to modify the architecture and add or delete instructions to tailor the chips to their specific needs. Other clients directly buy off-the-shelf designs from Arm. Both off-the-shelf and architectural customers pay a royalty fee per chip shipped.

Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.

Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets.

Astera Labs Inc designs and delivers semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform integrates semiconductor technology, microcontrollers, sensors, and software to enhance performance, scalability, and data management. The company offers products such as integrated circuits (ICs), boards, and modules, catering to hyperscalers and system OEMs. The company's solutions focus on data, network, and memory management in AI-driven platforms. Geographically, the company operates in Singapore, China, Taiwan, and United States, of which maximum revenue is derived from United States.

Cerebras Systems Inc is an AI company. It designs the world's fastest AI infrastructure for training and inference. The company builds the world's largest semiconductor as well as the AI systems to power, cool, and feed the processors data. It develops software to link these systems together into industry-leading supercomputers that are simple to use even for the most complicated AI work, using familiar ML frameworks like PyTorch. Customers use its supercomputers to train industry-leading models. The company uses these supercomputers to run inference at speeds unobtainable from alternative commercial technologies. It delivers these AI capabilities to its customers on-premise and via the cloud. The company generates the majority of its revenue from the USA.

Shanghai Enflame Technology Co Ltd is engaged in the research, design and sales of cloud-based AI chips and related products.

Etched is a semiconductor startup building specialized application-specific integrated circuits (ASICs) designed exclusively to run transformer-based artificial intelligence models. Founded in 2022 and headquartered near Cupertino, California, the company aims to disrupt general-purpose GPU infrastructure by offering massive performance and power efficiency gains for large language model inference.

PsiQuantum is a Palo Alto-headquartered quantum computing company building photonic-based fault-tolerant systems. The firm manufactures qubits in GlobalFoundries fabs, targeting 1 million-qubit processors by 2027 for climate modeling and drug discovery. PsiQuantum partners with DARPA and Australian government for utility-scale deployment.

GTA Semiconductor is a China-based developer of semiconductor chips. The company conducts research and design for integrated circuits, producing power devices, power management ICs, and sensor chips applied in industrial control, automotive electronics, electricity distribution, and energy sectors.

Lightmatter is a Boston-headquartered designer of photonic computing chips that accelerate matrix multiplications for AI inference and training using silicon photonics. The Passage interconnect links GPU clusters with optical switches, while Envise processors target data center workloads in cloud and telecom sectors.

SiFive designs customizable RISC-V processor cores and IP for embedded systems, IoT devices, automotive, and datacenter applications. Its Freedom platform includes microcontrollers, high-performance CPUs, and vector extensions with associated EDA toolchains. Santa Clara-headquartered SiFive licenses cores to Samsung, Western Digital, and Andes Technology. Founded in 2015, the company shipped over a billion RISC-V cores by 2023, powering chips from Qualcomm and NVIDIA partners.

Sunrise is a Shenzhen-based developer of high-performance GPUs for AI training, edge computing, and graphics processing. The company designs chips like the Sunhope series with up to 512 tensor cores, targeting data centers and autonomous vehicles. Manufacturing through TSMC processes, Sunrise supplies modules to Chinese hyperscalers and exports to Southeast Asia. Founded in 2018, it competes in the domestic semiconductor market amid US export restrictions.

Photonic is a Vancouver-headquartered company constructing a networked quantum computing platform using optically-linked silicon spin qubits. Its technology integrates photonics connectivity over telecom-band fiber for scalable, fault-tolerant quantum modules and networking.

SemiDrive is a Nanjing-based developer of automotive processors for ADAS, autonomous driving, and smart cockpits. Its X9H series supports L2+ autonomy with 8-core ARM Cortex-A and NPU delivering 4 TOPS, manufactured on SMIC 16nm. The company supplies chips to Chinese OEMs like Great Wall Motor and BYD for domain controllers.