SoftBank CEO Masayoshi Son has announced plans to shift from a defensive strategy to an offensive one, resuming investments in artificial intelligence after a period of asset sales and cash hoarding. Speaking at the company’s annual shareholders’ meeting, Son expressed his excitement about the upcoming counteroffensive, stating his dedication to being an architect for the future of humanity. SoftBank had previously halted new investments and used its shares in Alibaba for financing, resulting in a significant cash reserve of over ¥5tn ($35bn).
Addressing concerns about the Vision Funds’ focus on artificial intelligence, Son admitted to regrets over past mistakes but highlighted the success of several investments out of the 500 made. SoftBank’s CFO had previously mentioned the company’s interest in new technologies like ChatGPT, but emphasized the need for caution due to recent substantial investment losses.
Prior to Son’s presentation at the shareholders’ meeting, SoftBank’s share prices experienced a 4% increase. Investor sentiment has been boosted by the upcoming blockbuster listing of UK chip designer Arm in New York.
Son opened up about a personal crisis he faced in October, during which he questioned his achievements as an entrepreneur and shed tears for a few days. He expressed a desire to become an architect who designs the future of humanity and saw Arm as a key opportunity to fulfill his inventions, combining the company’s position with his ideas.
Additionally, Son revealed that he has spent the past eight months working on 630 inventions and setting up five offices to file patents for them. While he did not specifically discuss the Vision Fund investments that excited him, Son extensively discussed the potential of AI, specifically highlighting the launch of OpenAI’s ChatGPT and praising its CEO, Sam Altman.
However, Son also stressed the importance of regulation to prevent the misuse of AI, noting that the technology could have scarier consequences than the atomic bomb when in the wrong hands. He called for thoughtful debates and the introduction of regulations to ensure responsible use.
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