SoftBank CEO says he is focusing on AI investments

SoftBank CEO Masayoshi Son said he is focusing on investment in artificial intelligence. (File photo:AFP)

SoftBank Group CEO and founder Masayoshi Son on Wednesday said he is focusing on investment in artificial intelligence, during the Future Investment Initiative in Riyadh.

“I focus on investment in AI, so many people still question the power of the AI,” Son said.

Son also said that SoftBank acts as a facilitator of talks betwen the various companies the Japanese conglomerate has invested in.

“Our family companies that started in South East Asia, India or China…they have their local base, so they can help each each other in customer acquisition, technology know how, hiring people and so forth,” he said.

Son’s remarks come as investor concerns mount about some SoftBank-backed companies.

Shares of San Francisco-based Uber, which has not turned a profit since its founding in 2009, are down 22 percent since an underwhelming IPO in May this year.

Most recently, Softbank took over WeWork in a $9.5 billion deal after a failed IPO and a sharp drop in its valuation following revelations about former CEO Adam Neumann.

Last Update: Wednesday, 30 October 2019 KSA 14:29 - GMT 11:29