PYMNTS.com May 26, 2024

Japan’s SoftBank is reportedly planning to invest nearly $9 billion in artificial intelligence (AI).

The tech company’s outlay for investments and commitments has more than doubled to $8.9 billion in the 12 months since its CEO said the company was ready to go on the “counteroffensive,” the Financial Times (FT) reported Sunday (May 26).

“We will, in principle, be keeping the same kind of trend in terms of the pace of investment activities,” SoftBank’s chief financial officer Yoshimitsu Goto told FT. “From now on, we want to step up investments in AI companies.

“The reason we’ve been keeping our balance sheet at a very safe level is because we would like to be prepared,” he added, “and we would...

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