HomeTechnologySoftBank Looking for More AI Deals Following Arm IPO

SoftBank Looking for More AI Deals Following Arm IPO

SoftBank is looking to engage in more artificial intelligence deals after the mammoth initial public offering (IPO) of its Arm unit. Arm’s secured a $54.5 billion valuation in its IPO on Wednesday.

Masayoshi Son, founder and chief executive, is reportedly ready to invest tens of millions of dollars into AI according to two sources familiar with the matter. This could include entering into a strategic partnership with ChatGPT maker OpenAI, the Financial Times claimed on Saturday. Son, a frequent user of the ChatGPT AI-powered chatbot, has revealed that he speaks “almost every day” to OpenAI CEO Sam Altman.

Aside from Open AI, SoftBank is exploring a range of options for entering into the AI realm, including the purchase of Graphcore, a UK-based AI chipmaker. This is the first time that the company is actively looking to expand after being in “defense mode” since May 2022 when tech valuations crashed as higher interest rates hit the global banking sector.

Marriott Projects Revenue Growth Amid Resilient Travel Demand

Marriott International forecasted on Wednesday that 3% to 6% growth in its annualized global revenue per available room for the two years ending 2025 as the...

Dollar and Stocks Steady as Bonds Ease From Record Highs

The U.S. dollar and stocks in New York stabilized on Wednesday, while U.S. Treasury Yields retreated from their 16-year high, easing pressure on the...

New Home Sales Plummet in August

Sales of new U.S. single-family homes plunged in August as the 30-year mortgage rate rose past 7%, thereby discouraging would-be buyers. According to data...