Anthropic on Wednesday announced that it received a fresh round of investments totaling up to $15 billion from Microsoft and Nvidia, increasing the startup’s valuation to $350 billion, up from its $183 billion valuation as of September.

All three companies have forged a partnership involving billions of dollars in investment aimed at accelerating the development of AI models. Under the partnership, Microsoft and Nvidia will invest up to $15 billion in Anthropic , a leading competitor to OpenAI whose models are popular with coders and businesses.

In a video message, Microsoft CEO Satya Nadella said that OpenAI “remains a critical partner,” while adding that the companies will increasingly be customers of each other. “We will use Anthropic models, they will use our infrastructure, and we

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