Google, a subsidiary of Alphabet, and Blackstone Group have announced plans to establish a new artificial intelligence cloud company, according to ChainCatcher. The venture will focus on utilizing Google's proprietary chips to compete directly with rivals such as CoreWeave. Blackstone is set to invest $5 billion in equity capital and will hold a majority stake in the new company. The announcement was made on Monday, though the name of the new company has not yet been disclosed.