SoftBank Group CEO Masayoshi Son has reached an agreement with OpenAI CEO Sam Altman to establish a joint venture in Japan that will provide artificial intelligence services to corporate clients. About this reported the Reuters.
Under the deal, SoftBank will pay OpenAI $3 billion annually for the use of its technology across the group's companies. The new venture, SB OpenAI Japan, will be jointly owned by OpenAI and a company founded by SoftBank and its telecommunications arm.
In addition, SoftBank plans to invest between $15 billion and $25 billion in OpenAI, as well as invest $15 billion in Stargate, a joint project between OpenAI and Oracle to develop AI in the United States.
Son's resumption of active investing comes after a period of financial cuts due to losses in SoftBank's technology portfolio. He already has extensive experience working with American technology companies, including bringing the iPhone to Japan in 2008.
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