"SoftBank's Masayoshi Son Pursues $100B for AI Chip Venture"

SoftBank's Masayoshi Son is reportedly seeking $100 billion to build a new venture, code-named Izanagi, that would compete with Nvidia in the AI chip market. The venture would collaborate with Arm, in which SoftBank still owns about 90% of the stock. The fundraising plan involves tapping Middle East-based institutional investors for $70 billion, with SoftBank contributing the remaining $30 billion. This move aligns with SoftBank's shift in focus from Alibaba to AI, following its recovery from losses in the Vision Fund. OpenAI's Sam Altman is also reportedly in talks to raise a significant amount for a new AI chip project, separate from SoftBank's initiative.