SoftBank Group founder Masayoshi Son is seeking as much as $100 billion to bankroll a chip venture to compete with Nvidia and supply semiconductors essential for AI, according to people with knowledge of the matter.

Code-named Izanagi, the project marks the billionaire’s next big endeavor as SoftBank sharply curtails startup investments. Son envisions creating a company that can complement chip design unit Arm Holdings and allow the billionaire to build an AI chip powerhouse, said the people, who requested anonymity because the discussions remain private.

In one scenario being considered, SoftBank would provide $30 billion, with $70 billion possibly coming from institutions in the Middle East, one of the people said.