i've followed them for a while and as just a general technologist and not a scientist, i have a probably wrong idea of what they do, but perhaps correcting it will let others write about it more accurately.

my handwavy analogy interpretation was they were in-effect building an analog computer for AI model training, using some ideas that originated in quantum computing. their insight is that since model training is itself probabilistic, you don't need discrete binary computation to do it, you just need something that implements the sigmoid function for training a NN.

they had some physics to show they could cause a bunch of atoms to polarize (conceptually) instantaneously using the thermodynamic properties of a material, and the result would be mostly deterministic over large samples. the result is what they are calling a "probabilistic bit" or pbit, which is an inferred state over a probability distribution, and where the inference is incorrect, they just "get it in post," because the speed of the training data through a network of these pbits is so much more efficient that it's faster to just augment and correct the result in the model afterwards than to use classical clock cycles to directly compute it.