SoftBank has committed to spending $3 billion per year to use OpenAI's tech, according to a joint release released on Monday.

SoftBank Group CEO Masayoshi Son said on Monday he has agreed with OpenAI CEO Sam Altman to set up a joint venture in Japan to offer artificial intelligence services to corporate customers.The Japanese investment giant will also pay $3 billion annually to use OpenAI's technology across SoftBank group companies.

SoftBank and its affiliates will have access to OpenAI's ChatGPT Enterprise, API, custom models, and agent products like Operator. Additionally, OpenAI tools will be used by Arm, the British chip designer acquired by SoftBank in 2016, to "boost productivity across the company."