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US Tech Company Tenstorrent Takes First Step Toward Cyprus Expansion

Global AI chipmaker Tenstorrent took its first concrete step toward establishing a presence in Cyprus during a strategic visit hosted by the office of the Chief Scientist for Research, Innovation and Technology.

According to an announcement released on Tuesday, the high-level delegation marked the company’s initial direct engagement with Cyprus’ innovation ecosystem, following a meeting in California between President Nikos Christodoulides and Tenstorrent CEO Jim Keller.

Leading the delegation were Eric Duffy, Senior Director of Business Development, and Isaac Salameh, Senior Director of Corporate Development at Tenstorrent.

The announcement mentioned that the visit reflects “Cyprus’ ambition to become a regional hub for advanced technology and research“.

MOREOVER, it pointed out that Tenstorrent is recognised for its open-source hardware design approach, which differentiates it from competitors.

This approach has the potential to support Cyprus’s long-term strategy to adopt an AI-first policy after 2028.

FOUNDATION FOR COLLABORATION

Chief Scientist Demetris Skourides described the visit as a “first snapshot” of collaboration, laying the foundation for what could become a meaningful and executable partnership.

“This visit confirms that strategic partnerships demand more than vision—they require commitment and execution,” Skourides said.

“Tenstorrent’s decision to engage directly with our ecosystem is not only a statement of intent, but the laying of a foundation to realise a joint ambition,” he added.

The visit began with a meeting at the Presidential Palace, hosted by Deputy Minister to the President Irene Piki.

Also present were Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou, Chief Scientist Demetris Skourides, and Chairman of Invest Cyprus, Evgenios Evgeniou.

During the meeting, the announcement mentioned, Duffy acknowledged the strong level of research excellence in Cyprus.

He confirmed that Tenstorrent executives and engineering teams would return in the coming weeks.

The programme was curated and led by the Chief Scientist’s office in close collaboration with the Deputy Ministry of Research, Innovation and Digital Policy.

The office explained that the agenda was tailored to Tenstorrent’s interests and aimed at identifying and engaging with Cyprus’ talent base and research capacity.

The visit offered Tenstorrent an in-depth view of ongoing research in fields such as hardware, systems design, robotics, autonomous technologies, AI, and digital twins.

The delegation held meetings with the University of Cyprus, the Cyprus University of Technology, and Centres of Excellence, including KIOS, CYENS, and CMMI.

These meetings focused on key industries and sectors relevant to the company’s mission.

MOREOVER, Tenstorrent’s team engaged with academic leadership, heads of engineering schools, and engineers showcasing products, solutions, and digital twins developed locally.

The delegation also met the Nicosia mayor, Charalambos Prountzos. According to the announcement, Prountzos shared his vision for the digital transformation of the city and expressed interest in applying AI to improve services for citizens.

Another key meeting took place with Invest Cyprus CEO Marios Tannousis, whose support was described as “instrumental in shaping the visit”.

The announcement also mentioned that this engagement aligns with Cyprus’ national Vision 2035 strategy, which focuses on sustainable economic growth through innovation and technology.

This strategy includes targeted efforts to attract highly skilled Cypriots back to the country, known as “brain gain”.

It also prioritises investment in research excellence, ecosystem development, and international partnerships.

“Tenstorrent is at the forefront of AI,” said Deputy Minister Damianou.

“Opening an office in Cyprus will create new jobs for local talent and attract highly skilled Cypriots from abroad,” he added.

Skourides, who also chairs the National AI Task Force, said Cyprus is building an AI future through partnerships and government initiatives.

“We are focused on leveraging AI factories and building strategic infrastructure through partnerships and government initiatives that accelerate R&D and innovation, invest in human capital, govern and leverage data effectively, and create an operational framework that supports integration and execution,” he said.

“This can only be achieved by cultivating an ecosystem that connects innovators, builders, orchestrators, and consumers—while also introducing sovereign AI capabilities,” he added.

Skourides also said that “Tenstorrent opening an office in Cyprus will be a game changer for both research organisations and industry”.

Cyprus Reduces Fuel Tax By 8.33 Cents As Prices Continue To Rise

The latest surge in fuel prices is putting unprecedented pressure on consumer purchasing power, forcing government intervention amid volatile global energy markets. Historic highs at the pump have compelled officials to enact further consumption tax cuts in a bid to stabilize household budgets while international trends remain unpredictable.

Government Intervention And Policy Measures

Authorities plan to approve an 8.33 cent per liter reduction in consumption tax on premium unleaded gasoline and diesel, effective from April 2026. This will be the third intervention since 2022, when fuel prices rose following the Russian invasion of Ukraine, and after a further adjustment in November 2023.

Historical Context And Comparative Analysis

Fuel prices have increased over recent years. In March 2022, premium unleaded stood at €1.442 per liter and diesel at €1.500. By November 2023, prices rose to €1.550 for gasoline and €1.709 for diesel. As of March 2026, gasoline reached €1.571 per liter and diesel €1.819. Compared with 2023 levels, gasoline prices increased by 1.8 cents per liter, while diesel rose by 10.9 cents.

Global Market Dynamics Impacting Local Prices

International benchmarks continue to influence domestic fuel prices. Brent crude remains above $100 per barrel, while the price of heavy Brent oil has increased by about 58% since February 2026. Market indicators such as the Platts Basis Italy index show increases of 52% for gasoline, 89% for diesel, and 88% for heating oil. These trends affect import costs and pricing across the local market.

Consumer Concerns And The Search For Relief

The planned tax reduction may provide short-term relief for transport fuels. Heating oil prices remain higher, reaching about €1.30 per liter, approximately 6 cents above previous levels. No tax reduction has been announced for heating fuel. According to Konstantinos Karagiorgis, reliance on private vehicles increases the impact of fuel price changes on households, given limited public transport options.

Outlook And Future Considerations

The tax reduction is expected to offset part of the recent increase in fuel costs. Consumer groups, including the Cyprus Consumer Association, have called for similar measures on heating oil. Further developments will depend on global energy prices and geopolitical conditions.

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