SoftBank Reports $2.4 Billion Loss Amid AI Investment Plans
SoftBank Group has reported a fiscal third-quarter loss of ¥369.2 billion ($2.4 billion), primarily due to significant declines in its Vision Funds' investments, including companies like Coupang and Didi Global. This contrasts sharply with a ¥950 billion profit in the same period the previous year and falls short of analysts' expectations of a ¥234 billion profit.
Despite these setbacks, founder Masayoshi Son is intensifying the company's focus on artificial intelligence (AI). SoftBank is spearheading the ambitious Stargate project, in collaboration with partners such as OpenAI, Oracle, Microsoft, and Nvidia. The initiative aims to invest an initial $15 billion to $20 billion in AI infrastructure, with potential total investments reaching $500 billion over four years. Additionally, ...