The Japanese technology investor said Thursday that it cut its investments to about $3 billion in the fiscal year that ended March 31, less than a 10th of its assets the previous fiscal year. It had said it was playing defense after many of its startup investments went sour during the recent tech downturn.
But SoftBank Chief Financial Officer Yoshimitsu Goto said the company is now ready to start reinvesting, with a focus on AI. He said SoftBank Chief Executive Masayoshi Son is "as excited today as when he launched the company" about the potential of AI.
Goto said SoftBank plans to invest in several AI companies, including ChatGPT, an AI chatbot developed by Microsoft-backed research company OpenAI. He said ChatGPT had achieved 100 million monthly average users in just two months.
Goto also said SoftBank is planning to diversify its investments away from China. He said the company had put more priority on investing in the U.S. and Europe as it looks to minimize geopolitical risks related to U.S.-China frictions and the war in Ukraine.
Key Points
- SoftBank is ready to go on the offensive again after cutting its investments in the past year.
- The company focuses on AI and plans to invest in several AI companies, including ChatGPT.
- SoftBank is also planning to diversify its investments away from China.
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