Imagination Technologies — AI supply-chain exposure

Imagination Technologies is a UK licensor of graphics and AI-accelerator IP — the reusable circuit designs other companies drop into their own system-on-chips rather than build from scratch. Its blocks sit mostly in edge and automotive silicon, and it earns royalties whenever a licensee ships a chip. Owned by Canyon Bridge, it has licensed heavily into Chinese chip designers, which gives it a foothold but also ties its fortunes to that market. The model places it far from the datacentre core: it supplies design IP, not the accelerators themselves.