Masayoshi Son, the founder of SoftBank, is launching 'Project Izanagi', a new AI chip startup with a planned investment of up to 30 billion US dollars.

Son aims to gather an additional 70 billion US dollars in partnership with other firms for the project.

The startup will leverage technology from ARM, where SoftBank is the majority shareholder.

This move is a continuation of Son's strategic focus on artificial intelligence, building on his mixed track record in the area.

Project Izanagi will enter a crowded AI chip market, competing with established companies like Nvidia, AMD, Cerebras, Microsoft, OpenAI, and Intel.