SoftBank will take offensive stance amid AI boom, says CEO – 06/21/2023 – Market

SoftBank Chief Executive Masayoshi Son said on Wednesday that his tech investment conglomerate plans to shift its stance to “offensive mode” amid excitement over advances in artificial intelligence.

The group retreated into a defensive posture, curbing investment activity after heavy investment losses in its Vision Fund.

“The time has come to switch to offensive mode,” Son told shareholders at the group’s annual general meeting.

SoftBank reported a net loss of 970 billion yen ($6.85 billion) for the year ended March 31, cushioning losses at the Vision Fund unit by selling its stake in Alibaba.

CFO Yoshimitsu Goto said last month that the group wants to ensure it doesn’t miss out on investment opportunities by toning down its previous emphasis on defensive mode.

SoftBank’s net assets, which include cash and an undrawn commitment line, rose to 5.1 trillion yen at the end of March, compared with 2.9 trillion yen a year earlier.

ASTRO BOY

Son said he asked ChatGPT, the AI-powered chatbot from startup OpenAI, to write new adventures for Astro Boy, Osamu Tezuka’s classic manga series.

“He creates as if he were human,” he said.

The billionaire said he has spent the past eight months creating inventions he believes can be realized through Arm, the conglomerate’s chipmaker.

“We want to realize these inventions step by step. The Arm is the key,” he said.

SoftBank intends to list Arm on Nasdaq later this year and is looking to raise between $8 billion and $10 billion, Reuters reported. Arm is in talks with companies such as Intel about a possible participation in the initial public offering.

SoftBank shares closed up 3.7% and have gained 22.9% for the year.