SoftBank founder Masayoshi Son has voiced strong confidence in the bank's investment in OpenAI, the creator of ChatGPT. Speaking to CNBC in Paris, Son addressed concerns about SoftBank's exposure to the artificial intelligence startup, stating that he believes OpenAI "will be very successful" as the company reportedly explores a future public listing.
OpenAI accounts for just over 20% of SoftBank's net asset value, while chip design company Arm remains the group's largest holding, contributing more than 50%. SoftBank recently overtook Toyota to become Japan's most valuable company, a position held by the automaker for 20 years. The comments came after SoftBank exited its Nvidia stake as part of a broader strategy to back OpenAI and AI infrastructure projects last year.
Stargate Project and European Expansion
Earlier this year, SoftBank partnered with OpenAI on the Stargate project, a joint venture focused on developing AI infrastructure in the United States. Son's remarks followed SoftBank's announcement of a €75 billion ($87 billion) investment plan to develop AI infrastructure in France. The project includes building 5 gigawatts of AI data centre capacity, marking the company's largest AI infrastructure commitment in Europe to date.
As part of the French expansion, SoftBank plans to build 3.1 gigawatts of AI data centre capacity in the Hauts-de-France region by 2031, including facilities in Dunkirk, Bosquel, and Bouchain. During a press briefing alongside French President Emmanuel Macron, Son said the company intends to leverage its experience from large-scale projects in the United States to support the European initiative.
AI Revolution: 50x Bigger Than Dot-Com
During the interview, Son claimed the ongoing AI revolution could be much bigger than the internet boom of the 1990s and 2000s. "I think this is like more than 10x, probably 50x bigger than dot-com," he said while detailing how the company would invest in AI infrastructure across multiple locations.
Son, using past tech revolutions as examples, noted that boom-and-bust cycles are part of the innovation system. He specifically referred to the 1929 Wall Street Crash and the dot-com crash as cases of temporary disruptions that did not halt long-term technological advancements. "This is the biggest revolution of technology and realisation that mankind has ever experienced, so this is just like the beginning of the internet," Son said. Referencing historical market downturns, he added, "There's always a correction."
"Now, if you look at the history, electronics and motorisation crashed in 1929, but went up for many, many years, for the next 100 years after that... so there may be some correction, but that will be the best investment opportunity to me," Son explained.
Financing and Partnerships
Son noted that the investment in France would primarily be financed through project financing rather than SoftBank's own capital. The company is also partnering with Schneider Electric to establish a large-scale industrial production hub in Dunkirk as part of the broader AI infrastructure buildout.
