SoftBank Group Corp. is the buyer taking ownership of Foxconn Technology Group’s electric vehicle plant in Ohio, a move aimed at kick-starting the Japanese company’s $500 billion Stargate data center project with OpenAI and Oracle Corp.

Launched in January, the Stargate joint venture unites OpenAI, SoftBank, and Oracle to accelerate AI infrastructure investment in the US.

Japanese technology conglomerate SoftBank Group has reported a $2.9 billion profit for the April-June quarter, rebounding from a loss a year earlier, as its investments benefited from the craze for artificial intelligence.

SoftBank announced on Tuesday a $2 billion investment in Intel that will add to the Japanese tech investor's ambitious bet on artificial intelligence and the chip industry.

Shares in the chip maker rose following news of SoftBank’s planned investment and a possible stake for the U.S. government.

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SoftBank is piling into the generative AI gold rush following years of losses. In 2023, SoftBank reported net losses of 227 billion yen, or $1.46 billion, for the fiscal year ending in March.

SoftBank is investing $2 billion into Intel, a move aimed at strengthening the chipmaker’s resources as it navigates competition and tech innovation.