AMD Pensando made a specialized processor for the invisible chores that steal time from expensive CPUs and GPUs. The wager turned a repeat Cisco founding team, roughly $313 million in funding and one well-timed piece of silicon into a $1.9 billion chapter of AMD's data-center strategy.
For two decades, Chelsio has sold a stubbornly practical idea: the network card should do more of the networking. Its seventh-generation platform now carries that bet into 400Gb Ethernet, GPU clusters and a market crowded with much larger chip companies.

The AI boom bought more GPUs. Eriko Nurvitadhi is working on the less glamorous problem: keeping those expensive machines fed, connected and busy.
The four-year-old semiconductor startup began with a card that takes chores away from CPUs. Now it is selling the whole kitchen - silicon, storage, servers and software - to make AI infrastructure cheaper to run and harder to strand.