SoftBank Shares Soar as Masayoshi Son’s AI Vision Coalesces
- Billionaire joins OpenAI, Oracle, MGX in $500 billion AI push
- Project Stargate to build computing power for OpenAI
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Shares of SoftBank Group Corp. jumped 12% after the company announced it’s teaming up with OpenAI, Oracle Corp. and Abu Dhabi-backed MGX on a $500 billion project to build data centers and infrastructure in the US for the ChatGPT creator.
The stock rose in its biggest intraday surge since August after SoftBank founder Masayoshi Son said the four would invest in a joint venture that would spend $100 billion “immediately” on infrastructure and target spending at least $500 billion over the next four years to build more computing power. Companies including Microsoft Corp. and chipmaker Nvidia Corp. will supply technology, SoftBank said in a statement after US President Donald Trump announced the AI push.