In related news, OpenAI chief Sam Altman is also reportedly in talks with investors in the United Arab Emirates to raise between $5 trillion to $7 trillion for a new AI chip project. However, the Izanagi project is said to be separate from Altman’s AI chip ambition. The details of SoftBank’s new project have not been disclosed, including which companies would build the core technology and timelines. This move aligns with SoftBank's new focus on AI, as it has been gradually selling off parts of its stake in Alibaba to reinvest the money into AI.
Key takeaways:
- SoftBank founder, Masayoshi Son, is reportedly seeking $100 billion to build a new venture, code-named Izanagi, that would compete in the AI chip market, currently dominated by Nvidia.
- The new venture would collaborate with Arm, a chip design company that SoftBank spun out as a public company last year and still owns about 90% of its stock.
- OpenAI chief Sam Altman is also reportedly in talks with investors to raise between $5 trillion and $7 trillion for a new AI chip project, separate from the Izanagi project.
- SoftBank has been gradually selling off parts of its stake in Alibaba to reinvest the money into AI, following a $32 billion loss in the Vision Fund and a shift in focus towards the AI industry.