SoftBank Requests $100 Billion from the Gulf for an AI Fund
SoftBank is seeking to raise up to $100 billion from Gulf investors for a fund that acquires companies and applies artificial intelligence and robotics within them.
Japanese group SoftBank is seeking to raise up to $100 billion from investors in the Gulf to establish a new fund, according to a report cited by the Financial Times. The fund aims to acquire companies and then apply artificial intelligence and robotics to improve their operations.
CEO Masayoshi Son is leading early talks in this regard, including discussions in the UAE. However, the talks are still at an initial stage and may not lead to raising capital, according to the report.
These efforts come after SoftBank injected nearly $65 billion into OpenAI and completed a $30 billion investment in the company last week.
The group raised $11.1 billion from a bond sale last month, reflecting its endeavor to secure massive liquidity to fund its artificial intelligence ambitions.
What do these terms mean?
Investment fund: A pool in which investors' money is gathered to be injected into companies or assets, and this money is managed on their behalf in exchange for fees.
Artificial intelligence: A technology that enables computers to perform tasks that typically require human intelligence, such as language understanding and decision-making.
Corporate bonds: Debt instruments issued by companies to borrow from investors in exchange for interest paid at specified dates.
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