'Insult to AI': SoftBank founder Masayoshi Son dismisses bubble concerns
What's the story
Masayoshi Son, the CEO and Founder of SoftBank Group, has dismissed concerns over an artificial intelligence (AI) bubble. He called such claims "an insult to AI" and stressed that the technology is still in its infancy with immense potential. The statement was made during a recent annual general meeting of the Japanese conglomerate.
Future prospects
SoftBank's role as 'egg factory'
Son emphasized that "it's just the beginning" and that the full potential of AI is yet to be realized. He also reiterated SoftBank's position as the factory that lays the eggs, a metaphor he has often used to describe his company's role in producing valuable technology. The statement comes amid an AI investment boom that has raised valuations and boosted SoftBank's share price, thanks to Son's major investment in OpenAI.
Market fluctuations
Son's experience with market volatility
Having seen market booms and busts in his career, including the dot-com bubble and COVID-19 pandemic, Son is no stranger to volatility. He also expressed frustration over the disparity between SoftBank's market capitalization of around ¥37 trillion ($229 billion) and its asset value of some ¥74 trillion. Despite these challenges, he plans to continue leading the company into his 70s with an aim to achieve "artificial superintelligence."
AI advancements
Plans for artificial superintelligence and robot production
Son, 68, said he has become "greedier" and wants to do more in the next 10-15 years. He also revealed that SoftBank has started making robots at its "physical AI plant" and will announce more about it soon. This development is part of his vision for bringing "artificial superintelligence," which he defines as being 10,000 times smarter than a human.