SoftBank seeks $100 billion for AI-refined projects from Middle Eastern investors

What happened

Masayoshi Son, founder of SoftBank, is seeking up to $100 billion from Gulf investors to establish a fund that would acquire (one company buying another) companies and improve their operations using artificial intelligence and robotics, according to the Financial Times . The initiative comes as SoftBank faces growing concerns over its $65 billion investment in OpenAI and its delayed initial public offering (IPO).

Unlike SoftBank's previous investment vehicles, which primarily financed technology companies, the proposed fund would purchase established businesses and introduce AI and other advanced technologies to improve their operations in a bid to improve their value, which is a relatively novel model to make money on AI. SoftBank plans to buy companies that do not use AI or robotics, then apply new technologies to improve their operations and valuation.