Billionaire Jeff Bezos is throwing his weight behind a computing company that’s coming for Nvidia’s (NVDA) dominance of the artificial intelligence chip market.

Nebius, the artificial intelligence infrastructure group that was formed from Yandex’s operations outside Russia earlier this year, has raised $700mn from investors including chipmaker Nvidia to capitalise on exploding demand for AI data centres.

The U.S. government’s latest export restrictions on semiconductor technology to China were telegraphed in advance and aren’t as severe as once feared.

Nvidia shares were down early on Monday as the chip sector braces for more U.S. curbs on China's semiconductor sector.