SoftBank planning a $100 billion AI chip venture

SoftBank Group Chief Executive Officer Masayoshi Son is looking to raise up to $100 billion for a chip venture that will rival Nvidia Corp, Bloomberg News reported on Friday, citing people with knowledge of the matter.

The project, code named Izanagi, will supply semiconductors essential for artificial intelligence (AI), the report added.

SoftBank did not immediately respond to a Reuters request for comment outside regular business hours.

SoftBank Group returned to profit for the first time in five quarters earlier this month, as the Japanese tech investment firm was buoyed by an upturn in portfolio companies. Reuters