TOKYO (Reuters) – SoftBank Group Corp (9984.T) Chief Executive Masayoshi Son said Wednesday that his tech-investment conglomerate was in “offensive mode” amid excitement over advances in artificial intelligence. ‘, he said.
The group had slowed down investment activity and taken a defensive stance after posting large investment losses in the investment arm of the Vision Fund.
“It’s time to go into attack mode,” Mr. Son told shareholders at the group’s annual meeting.
SoftBank reported a net loss of 970 billion yen ($6.85 billion) in the year ended March 31, softening losses at its Vision Fund division by selling Alibaba (9988.HK) shares.
Chief Financial Officer Yoshimitsu Goto said last month that the group wants to ease its focus on defense and seize investment opportunities.
SoftBank’s current assets, which include cash, cash equivalents and undrawn commitment lines, increased from 2.9 trillion yen in the same period last year to 5.1 trillion yen at the end of March.
Son, who has refrained from speaking publicly in recent months, spent much of Wednesday’s presentation to a loyal private investor base talking about his enthusiasm for AI.
Astro boy
Son said he has commissioned AI-powered chatbot ChatGPT from startup OpenAI to write a new adventure for Tezuka Osamu’s classic manga series Astro Boy.
“It’s as if the author wrote it,” he said.
The billionaire said he has spent the past eight months crafting inventions he believes can be realized through the conglomerate’s chip designer arm.
“We want to bring these inventions to life step by step. Arms are the key,” he said.
SoftBank is aiming to list Arm on the 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 (INTC.O) about possible participation in the IPO.
Observers have debated Mr. Son’s ability to pick winners in an economy expected to become increasingly AI-driven, after high-profile setbacks such as his backing for office-sharing company WeWork.
Son said he invests in companies he believes will thrive in an AI-driven society, and believes enough of his portfolio companies will succeed, despite their failures.
“Out of 100 smash hits, if you get one or two, you get them all,” Mr. Son said.
“I think I’ve found at least a few more… I think that’s enough.”
(1 dollar = 141.5900 yen)
Reported by Sam Nussey and Anton Bridge.Editing: Muralikumar Anantharaman, Sonali Pohl
Our standards: Thomson Reuters Trust Principles.
