By Deepa Seetharaman

Jan 27 (Reuters) – SoftBank Group Corp (SFTBY, 9984.T) is in talks to invest up to an additional $30 billion OpenAI (OPAI.PVT), a person familiar with the matter said on Tuesday, as the Japanese conglomerate reduces its bid for the owner of ChatGPT.

The new investment would be part of a funding round that could raise up to $100 billion for OpenAI, valuing it at about $830 billion, the person said.

Shares of Softbank rose more than 3% before the bell on Wednesday.

The source declined to be identified because the information has not been publicly disclosed.

Seeking to improve SoftBank’s position in the artificial intelligence career, CEO Masayoshi Son has made an all-in bet on OpenAI. In December, SoftBank said it had completed a $41 billion investment in OpenAI, giving it an 11% stake.

OpenAI is struggling with rising costs to train and run its AI models as competition from Alphabet’s Google increases.

The news was first reported by the Wall Street Journal.

SoftBank, whose shares rose 3.5% in morning trade in Tokyo, declined to comment.

Reuters reported last month that Son had struggled to raise funds for the previous investment, slowing most other deals in SoftBank’s vision fund.

Both OpenAI and SoftBank are also investors in Stargate, a $500 billion initiative to build AI data centers for training and inference that executives say is crucial to the US government’s ambitions to stay ahead of China in AI.