To Boost AI Efforts, SoftBank Plans Silicon Valley Tour For Indian Entrepreneurs

Japanese multinational investment holding company SoftBank Group Corp SFTBY SFTBF is taking a select group of founders from its Indian startups to Silicon Valley for a specialized AI tour in September.

This initiative underscores SoftBank's ongoing commitment to AI integration across its portfolio entities, Bloomberg reports. 

The idea is to expose these founders to global AI leaders, facilitating potential collaborations and advancing technological advancements.

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Sumer Juneja, the managing partner responsible for Europe, Middle East, Africa, and India investments at SoftBank's Vision Fund, emphasized the company's forward-looking stance, highlighting the importance of not missing out on the AI wave. 

SoftBank leader Masayoshi Son, after a brief slowdown, the company resumed its startup investments in the June quarter. 

Armed with a cash reserve exceeding $40 billion, the company is also considering making chip designer Arm Holdings Ltd public, expecting to boost its financial position further.

Arm is eying an initial public offering at a valuation of $60 billion - $70 billion by September, reflecting its bullish take on AI chips. Arm confidentially filed for a U.S. listing in April.

Innovative AI products, like ChatGPT, are capturing market attention. Juneja cautioned that companies that lag in AI adaptation risk becoming obsolete, but he also warned about the challenges of premature AI adoption. 

Historically, via its Vision Fund initiated in 2017, SoftBank poured over $140 billion into startups, primarily focusing on AI's potential. 

Price Action: SFTBF shares closed lower by 0.74% at $45.19 on Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.