SoftBank Group (TYO:9984) has committed $500 billion to develop an artificial intelligence data center in Ohio, with construction expected to start later this year, Kyodo News reported on Saturday, citing its chief executive, Masayoshi Son.

Son unveiled the investment after a groundbreaking ceremony for a 9.2-gigawatt gas-fired power plant in Piketon, Ohio, which would be part of the $550 billion commitment Japan made last year under a deal with the U.S. for tariff relief, the publication said.

A consortium of leading Japanese and American firms, including major suppliers and financial institutions, has been established under the U.S.-Japan Strategic Trade and Investment Agreement to participate in the project, according to SoftBank Group's statement on Saturday.

A total of 21 companies, consisting of 12 from Japan and nine from the U.S., have indicated their intent to join the initiative.

Apart from SoftBank Group, other Japanese participants include Fujikura (TYO:5803), Hitachi (TYO:6501), Mitsubishi Electric (TYO:6503), Mizuho Financial's (TYO:8411) Mizuho Bank, Mitsubishi UFJ Financial Group's (TYO:8306) MUFG Bank, Murata Manufacturing (TYO:6981), Panasonic (TYO:6752), Sumitomo Electric (TYO:5802), Sumitomo Mitsui Financial's (TYO:8316) Sumitomo Mitsui Banking, TDK (TYO:6762), and Toshiba.

The U.S. contingent comprises Bechtel Global, Carrier Global, Citi, GE Vernova, Goldman Sachs, J.P. Morgan, Kiewit, Kinder Morgan, and Morgan Stanley.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)