(Bloomberg) — SoftBank Group Corp. founder Masayoshi Son said he’s ready to take risks when he makes his next big technology bet, suggesting the Japanese conglomerate is about to make a big investment in AI.
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The billionaire warned that his next big venture could be a huge success or a failure – but that SoftBank had no choice but to try. This echoed recent comments from SoftBank Chief Financial Officer Yoshimitsu Goto about the need for the investment firm to take on more risk, especially as AI development accelerates.
“We need to pursue our next big move without fear of it being a success or a failure,” Son told SoftBank Corp. shareholders. gathered for the wireless carrier’s annual meeting. He added that the company lost billions of dollars on its bet on WeWork. “The dynamism of the SoftBank Group arises from the search for new seeds of evolution, mainly abroad.”
After a string of losses on startup bets, a humble Son shunned the spotlight to focus on chip unit Arm Holdings Plc and artificial intelligence investment strategy. Thursday’s comment is one of Son’s most declarative comments about his readiness to get back in the saddle.
SoftBank will also grow its renewable energy generation business to help meet the energy needs of generative AI, especially in the US, Son said.
Son plans to go back on the offensive after years of missteps at the Vision Fund, the sovereign wealth fund-backed investment group he created to bet on startups. The fund is constantly selling and reducing assets in its portfolio as Son turns his focus to AI and semiconductors.
This year, it reported a profitable second quarter and an increase in asset values, including Arm. SoftBank had accumulated a cash pile of ¥6.2 trillion at the end of March.
Son is seeking up to $100 billion to fund a chip venture to compete with Nvidia Corp. and supply critical semiconductors for AI, Bloomberg News reported in February.
The Japanese company is also in talks to acquire British semiconductor startup Graphcore Ltd., Bloomberg reported.
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