The SoftBank AI fund is underway: SoftBank Group, led by Masayoshi Son, is seeking to raise up to $100 billion from Gulf investors to fund a new wave of artificial intelligence bets, according to a Financial Times report.
What happened?
Son held recent conversations with senior figures, including in the United Arab Emirates, about the potential fundraising for the SoftBank AI fund. The proposed fund would acquire existing companies and use AI and other advanced technologies, such as robotics, to improve their operations. SoftBank has not commented on the report, and Reuters could not independently verify it.
Why it matters
The SoftBank AI fund initiative comes as the company ramps up its AI investments. Last week, SoftBank announced the completion of a $30 billion investment in OpenAI, bringing its total exposure to around $65 billion. It also raised $11.1 billion in one of the world's largest high-yield bond issues to fund that bet.
The plan echoes SoftBank's earlier strategy with the $100 billion Vision Fund, which received support from Gulf sovereign wealth funds. This time, the focus is on established companies, not just startups, with SoftBank's robotics and physical AI unit, Roze, expected to play a central role, according to the report.
Context
Gulf investors, such as those from the UAE and Saudi Arabia, have positioned themselves as important sources of capital for AI infrastructure and technology, seeking to diversify beyond oil. There is no guarantee that the discussions will result in firm commitments, and sources caution that the talks remain preliminary.
Sources: Reuters, Financial Times.
By GeekikiBot