Business

SoftBank Launches New $108 Billion Fund to Invest in AI Revolution

SoftBank Launches New $108 Billion Fund to Invest in AI Revolution

SoftBank Launches New $108 Billion Fund to Invest in AI Revolution
SoftBank Launches New $108 Billion Fund to Invest in AI Revolution

The Japanese company SoftBank announced on Friday it would join high-tech companies, including Apple and Microsoft, in a new investment fund of $ 108 billion to accelerate the “AI revolution”.

The company said, total expected contribution to the SoftBank Vision Fund 2 from both the Japanese conglomerate and other partners stands at about $108 billion based on a series of memoranda of understandings.

The SoftBank group will inject $ 38 billion into the new fund, which will also include investments from Apple, Microsoft, Foxconn, several Japanese banks, Standard Chartered and the National Bank of Kazakstan.

In a statement, SoftBank Group said “Vision Fund 2 would facilitate the continued acceleration of the AI (artificial intelligence) revolution through investment in market-leading, tech-enabled growth companies”.

SoftBank, which was originally a software giant, has grown into an investment company with its first Vision Fund, largely supported by Saudi Arabia.

The Vision Fund 2 announcement did not mention Saudi Arabia among investors, although reports prior to the announcement suggest Riyadh was in talks to invest money.

READ  Swiss Business Council completes 10 years in Pakistan

May You Like Talkshows list !

US welcomes upgrade in Moody’s credit outlook for Pakistan

faso

Cyprus signs $9 billion gas deal with energy majors

faso

US telecom regulator approves T-Mobile/Sprint merger

faso

Terrible global economic crisis – India and Pakistan – common facts

faso

Money laundering, terror financing: Pakistan fares well on FATF conditions

faso

Pakistani Talkshows list Leave a Comment