SoftBank Swings to a Loss Ahead of Big AI Bet With OpenAI
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SoftBank Group Corp. tumbled to a loss in the December quarter, weighed down by a drop in the value of the Vision Fund’s public holdings, just as Masayoshi Son campaigns to raise $500 billion for the Stargate artificial-intelligence project.
The Tokyo-based company said it’s seeking project financing for the bulk of the cost to roll out AI infrastructure in the US. It plans to create a variety of debt products for banks, insurers, pension funds and other investors to raise the money needed to build data centers that partner OpenAI needs, Chief Financial Officer Yoshimitsu Goto said during an earnings briefing Wednesday.