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MIPS Technologies, Inc., formerly MIPS Computer Systems, Inc., was an American fabless semiconductor design company that is most widely known for developing the MIPS architecture and a series of RISC CPU chips based on it. MIPS provides processor architectures and cores for digital home, networking, embedded, Internet of things and mobile applications. MIPS was founded in 1984 to commercialize the work being carried out at Stanford University on the MIPS architecture, a pioneering RISC design. The company generated intense interest in the late 1980s, seeing design wins with Digital Equipment Corporation and Silicon Graphics, among others. By the early 1990s the market was crowded with new RISC designs and further design wins were limited. The company was purchased by SGI in 1992, by that time its only major customer, and won several new designs in the game console space. In 1998, SGI announced they would be transitioning off MIPS and spun off the company.