A number of chip makers are targeting the growing artificial intelligence market as purchases of traditional hardware products — like smartphones and laptops — slow, according to an analysis by The Wall Street Journal technology reporter Ted Greenwald.
Throughout the globe, spending on AI-related hardware and software is slated to reach $57.6 billion in 2021, up from the $12 billion on spending this year, according to an IDC report cited by Mr. Greenwald. A separate report, by PitchBook Data, estimated private investors will double their funding in AI hardware to $252 million this year.
The potential in the AI-related hardware market has driven tech giants like Amazon, Facebook, Google and Microsoft to "[pack] their data centers with specialized hardware to accelerate the training of AI software," Mr. Greenwald wrote.
Nvidia, a technology company known for developing graphics processing units, introduced its Volta line of AI processors in May. Intel is collaborating with Facebook to develop processing chips based around services from Nervana Systems, an AI software company Intel purchased last year.
To access Mr. Greenwald's article, click here.