2 Min Read OAKLAND, Calif. (Reuters) - Artificial intelligence chip designer Wave Computing Inc said on Monday it has emerged from Chapter 11 bankruptcy protection following an auction of the company and will rebrand the firm as MIPS. The company traces its origins back to MIPS Computer Systems Inc, cofounded more than 35 years ago by Stanford University professor John Hennessy, who is now chairman of Alphabet Inc. MIPS was the commercial home of an earlier academic effort to create an architecture for computer processors that remain in wide use today by firms such as Intel Corp’s Mobileye self-driving car unit. Wave Computing filed for bankruptcy in April. It was revealed by bankruptcy filings and Reuters reporting that in late 2018 and 2019, the company licensed its core computing architecture for use in China, Hong Kong and Macau to a Shanghai-based firm, CIP United Co Ltd, in a complex series of transactions. The transactions occurred just as a chip war was escalating between the United States and China, which could have made it more difficult for Chinese firms to use MIPS’s technology.