UK’s Nvidia Rival, Graphcore, Needs Funds After Loss Widens

Graphcore Ltd., the British chipmaker that aimed to challenge Nvidia Corp., said it needs to raise money to continue operating as a “going concern” after racking up losses.

The company is in talks with potential investors, but hasn’t yet reached an agreement, it said in a filing of its 2022 accounts on business registry Companies House on Wednesday. Pretax losses widened 11% to $204.6 million from a year earlier, and Graphcore ended the year with cash and short-term investments of $157 million, it said in the statement.

Graphcore, which specializes in semiconductors designed to run artificial intelligence programs, ...