TOKYO, June 24 (Reuters) – SoftBank founder and chief executive Masayoshi Son told shareholders on Wednesday that artificial intelligence (AI) is still in its early stages and that any talk of a bubble is “an insult to AI”.
“I think it’s blasphemy against AI to say it’s a bubble,” Son said at the Japanese conglomerate’s annual general meeting.
“It’s just the beginning. The potential of AI will be unlocked.”
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The boom in AI investment has boosted valuations, even as investors question the sustainability of this rise, with SoftBank’s share price being boosted by Son’s all-in bet on OpenAI.
Throughout his career, Son has experienced market boom and bust cycles, including the internet bubble and the Covid-19 pandemic, when his portfolio plummeted into the “coronavirus trough”.
Other SoftBank investments include robotics, and the group is building data centers in the US.
Tokyo Electric Power Co is looking to attract external capital, and Son said his group is looking to invest.
“If TEPCO joined our group, we would increase power supply and bring AI-enabled data centers to Japan,” he said.
SoftBank has started manufacturing robots in its “physical AI factory” and will make an announcement on the matter soon, Son said, without providing additional details.
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“I think we are the first in the world to have robots making robots on a large scale,” Son said.
The shareholder meeting is an opportunity for Son to present his vision for the business and answer questions from individual investors.
Son has said that SoftBank is a golden goose and made that comparison again.
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“Eggs don’t lay eggs, the goose lays the eggs,” he said. “SoftBank Group is the factory that lays the eggs.”
He also complained about the difference between the company’s market capitalization of about 37 trillion yen ($229 billion) and the value of its assets, which total about 74 trillion yen.
“How long will I have to insist to convince you that the goose did a good job?” asked Son.
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The 68-year-old businessman stated that he will lead the company until he is 70 to achieve “artificial superintelligence”, which he defines as being 10,000 times more intelligent than a human being.
“I became more ambitious,” Son said. “I’d like to do more in the next 10 to 15 years. I’ll stay healthy as long as I can.”
A shareholder, who described herself as a “simple housewife,” asked Son to nominate her son to the board of directors.
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“You have great vision and talent,” she said. “I would like my son to become like you.”
“I’ll take that into consideration,” Son replied.
