SoftBank Pumped Up for “Counteroffensive” Moves in AI Space Following Huge Q1 Loss

The man behind the conglomerate, Masayoshi Son, pledged to invest heavily in the burgeoning AI space with $35bn in dry powder.

• SoftBank, the lossmaking conglomerate headed by battered billionaire Masayoshi Son, is giving it one more try. The group’s chief executive told investors at a conference yesterday he’s pumped up to go back in the arena – this time, betting aggressively on alpha-returning AI stocks.
• “The time is approaching for us to go on the counteroffensive,” said Son, adding that he wants SoftBank to “lead the AI revolution.” Bold words for a tech-investment company that lost a whopping $32bn in one year in its innovation-focused Vision Fund.
• SoftBank’s troubles didn’t start last year. The firm, boasting investments in roughly 500 companies, sold almost all of its profitable stake in Alibaba BABA to cover losses elsewhere and inject some liquidity. Now, SoftBank sits on $35bn in cash and is yet to unveil its AI-focused stock picks.