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Investing.com-- Japan's SoftBank Group (TYO:9984) is in advanced discussions to acquire chip designer Ampere Computing in a deal that could be valued at around $6.5 billion, including debt, Bloomberg reported on Wednesday, citing people familiar with the matter.

A transaction could be announced within weeks, though discussions remain fluid and may face delays or setbacks, the report said.

Ampere, backed by Oracle Corporation (NYSE:ORCL) and private equity firm Carlyle Group Inc (NASDAQ:CG), specializes in designing processors for data centers using technology from Arm Holdings (NASDAQ:ARM).

Oracle currently holds a 29% stake in the company and has the option to increase its ownership, the report stated.

SoftBank and Arm had previously expressed interest in acquiring Ampere, Bloomberg reported last month. If completed, the acquisition would align with SoftBank’s broader push into the semiconductor sector amid rising demand for AI-driven computing power, according to the report.

Ampere was valued at over $8 billion in 2021 when SoftBank had considered a minority investment, but competition in the chip market has intensified. Several major tech firms have ramped up efforts to develop similar data center processors, it added.

The news comes as concerns grow over a potential slowdown in AI-related spending.