SoftBank to shift to 'offense mode

 

SoftBank CEO Masayoshi Son told shareholders it's time to "shift to offense mode" and capitalize on the AI sector.  The firm was in "defense mode" as it suffered losses due to China's crackdown on tech startups and the overall VC funding slump. Son told stakeholders that the firm now has nearly $35.3B (5T yen) in cash on hand to restart its investments.  SoftBank posted a $32B (4.3T yen) loss on its Vision Fund in the fiscal year ending March 31, 2023.  The Japanese VC firm diluted its stake in Alibaba to recoup losses.  SoftBank is gearing up its British chip design company Arm for an IPO listing this year.  Considering the recent AI boom, CNBC's equity market strategist Amir Anvarzadeh said, "$30B is what we thought could be what Arm is worth. I reckon now, even $60B might not seem too insane, given the backdrop."