Sequoia Capital Is Said to Back U.K. Chip Startup Graphcore

Maybe better to switch to developing a web application with a 3000 person head count?

That's more than a little unfair without knowing the context or wording of his statement. The same paragraph you clipped that from says:

"The company has yet to develop a chip past the benchmark testing phase but has said it will begin selling products broadly next year."

If the comment came in the context of a conversation around why they need more cash and what he's going to do with it, it makes perfect sense to talk about adding headcount.

> Not produce anything of value

To produce a chip tailored for AI. It's the next phrase on the article.

From the company name, probably a multi-threaded graph processor. Those are hard to design.