Masayoshi Son, Chairman and CEO of SoftBank Group.
Kiyoshi Ota | Bloomberg | Getty Images
softbank group Chairman and CEO Masayoshi Son said on Wednesday that the Japanese investment firm plans to shift from “defensive mode” to “offensive mode” and hopes to capitalize on the artificial intelligence revolution.
“Now, it’s time to switch to offensive mode,” Son told the annual shareholder meeting.
“For the past few years, we’ve focused on ‘defense.'” Three years ago, we didn’t have a lot of cash on hand. But because we’ve been in defensive mode, our cash on hand has grown to 5 trillion yen ($35.3 billion), “Son said.
“We’re ready to switch to offensive mode. I’m excited about it,” Son said.
The tech conglomerate, which makes venture capital investments through its Vision Fund, has had its fair share of ups and downs.It is in “defensive mode” as it halts new investment and cuts its alibaba. In May, the Vision Fund reported a record loss of $32 billion.
“I’m most interested in the artificial intelligence revolution. I believe that humans will be surpassed by computers or artificial intelligence,” Son said.
“We want to be (in) the leading position of the AI revolution,” Son said.
SoftBank shares rose 2.63 percent in early trading on Wednesday.
The Vision Fund, which invests in Chinese tech companies, has been hit by Beijing’s crackdown on the country’s tech sector and the ensuing plunge in stock prices. SoftBank’s portfolio companies include ByteDance, Didi grocery, Kupang and more.
SoftBank is preparing for an IPO of Arm, the British chip designer it acquired in 2016. Arm filed to go public in the U.S., and SoftBank CFO Yoshimitsu Goto said the IPO process was “going well.”
Artificial intelligence has exploded in recent months, fueled by the virality of the chatbot ChatGPT. ChatGPT has amazed researchers and the public with its ability to respond human-like to user prompts.
Son said on Tuesday that he is a “heavy ChatGPT user” and that ChatGPT is “great.”