Posted 2/19/2024, 1:06:38 PM
SoftBank Seeks $100B for New AI Chip Venture Izanagi to Take on Nvidia, Leveraging Arm Ties
- SoftBank's Masayoshi Son is seeking to raise $100B for a new AI chip venture called Izanagi that would compete with Nvidia
- Izanagi would collaborate with Arm, the chip design firm that SoftBank spun out and still owns 90% of
- Son plans to tap Middle East institutional investors for $70B of the funds and SoftBank would provide the remaining $30B
- The new AI chip focus aligns with SoftBank recently selling parts of its Alibaba stake to reinvest in AI as its next big bet
- Comes as SoftBank posted first quarterly profit in nearly 3 years, helped by Vision Fund gains amidst Arm's soaring stock price