Nvidia-backed AI startup Reflection is seeking to raise $2.5 billion at a $25 billion valuation, foreign media reported. The company focuses on developing open-source AI models that companies, research institutes and universities can use and modify. Nvidia invested about $800 million in Reflection at an $8 billion valuation. JPMorgan Chase is considering joining the round. Reflection also signed a deal with South Korea\'s Shinsegae Group for a Korean-language model.

AI data centre networking equipment developer Nexthop AI has completed a $500 million Series B fundraising, SiliconANGLE reported on Tuesday. The round was led by Lightspeed Venture Partners and included Andreessen Horowitz, Altimeter and existing investors. The funding values Nexthop AI at $4.2 billion. The company also unveiled three new switches based on Broadcom chips, including models with 51.2 terabits-per-second capacity.