SoftBank seeking to invest in OpenAI
By MYBRANDBOOK
Following the listing of its Arm unit, SoftBank is planning to make an investment in artificial intelligence. The global investment bank is also looking for a potential investment in OpenAI. While seeking to invest in AI companies, SoftBank may seek to spend tens of billions in the sector.
The company also made a preliminary approach to buy Graphcore, a UK-based AI chipmaker. However, Graphcore denied it had received an offer from SoftBank.
In June, SoftBank founder, Masayoshi Son, said that his tech investing conglomerate is planning to shift its stance to "offence mode" amid excitement over advances in AI. While expressing excitement about AI technology, Son added that he is a "heavy user" of ChatGPT, the AI-powered chatbot from Microsoft-backed startup OpenAI. He has also said that he speaks "almost everyday" to OpenAI CEO Sam Altman.
SoftBank secured a $54.5 billion valuation in its US initial public offering (IPO) on Wednesday, seven years after SoftBank took the company private for $32 billion.
In August this year, SoftBank posted a surprise loss but said it was dipping its toes back into new investments after its Vision Fund returned to the black for the first time in six quarters.
The Japenese firm has been in “defence mode" since May 2022 after tech valuations crashed due to sharply higher interest rates and jitters that hit the global banking sector.
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