Jony Ive, the former Apple design icon, and Sam Altman, the founder of OpenAI, are working together to raise $1 billion for a new AI-centric consumer product.

Investors involved in discussions include Thrive Capital, Emerson Collective, and SoftBank's Masayoshi Son, who proposes a key role for ARM in the initiative.

The project aims to create a product that could become the 'iPhone of AI' by integrating artificial intelligence into daily life.

Ive's design firm, LoveFrom, has recruited over twenty of Apple's former top designers, and Tang Tan, ex-iPhone and Watch design chief at Apple, will lead hardware design for the new venture.