SoftBank’s $100 Bln Pledge In US To Create 100K AI, Infrastructure Jobs

Japan’s SoftBank Group is planning to invest $100 billion in the United States over the next four years, which would create more than 100,000 jobs in Artificial Intelligence or AI and related critical infrastructure.

During President-elect Donald Trump’s first news conference since the election, SoftBank founder and Chief Executive officer Masayoshi Son joined to make the announcement of the tech firm’s billions of dollar investments in the country.

In Japan, SoftBank shares had gained 4.4% to close Tuesday’s trading at 9,837 yen.

SoftBank’s investment will focus on technology and AI over the next four years, and the required infrastructure, including energy projects, data centers and chips, to support the ongoing AI boom.

Noting that the latest pledge represented a demonstration of confidence in America’s future, Trump said, “He’s doing this because he feels very optimistic about our country since the election…. it will help ensure that artificial intelligence, emerging technologies, and other industries of tomorrow are being created and grown right here in the USA.”

The technology investor reportedly would raise money for the proposed investment from its balance sheet as well from various sources controlled by it, including the Vision Fund or chipmaker Arm Holdings, where SoftBank is the majority shareholder.

In December 2016, during last Trump presidency, the technology investment holding company had pledged $50 billion in the U.S., expecting to create 50,000 jobs. Since then, SoftBank reportedly have invested more than $70 billion in around 300 technology companies.

In 2016, the company also had announced plans for SoftBank’s Vision Fund, a $100 billion vehicle for investing in technology companies worldwide. Of that, half came from Saudi Arabia.

Last month, SoftBank invested $500 million in OpenAI, the maker of ChatGPT, and annonuced plans to purchase OpenAI stock worth $1.5 billion, as part of Son’s strategy to increase investment in AI.

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