Sources: SoftBank is seeking to raise up to $100B from Gulf investors for a fund to buy companies and improve their operations with AI and other advanced tech (Financial Times)

SoftBank Group founder Masayoshi Son is reportedly seeking to raise up to $100 billion from Gulf investors to fuel an ambitious artificial intelligence investment strategy, according to the Financial Times. The Japanese billionaire met with senior figures, including in the United Arab Emirates, over recent weeks to discuss the potential fundraising, the FT reported, though there is no guarantee the talks will result in a deal.

SoftBank plans to use the funds to establish a fund that would acquire companies and enhance their operations through AI and other advanced technologies. The robotics and physical AI business, Roze, is expected to be a crucial part of the strategy. This fundraising would broaden Son's exposure to AI following SoftBank's $65 billion investment in OpenAI, the company behind ChatGPT, amid concerns about the scale of its commitments and a delay to OpenAI's anticipated initial public offering.

SoftBank has increasingly turned to borrowing to fund its AI ambitions, recently completing a record junk bond offering of over $11 billion with yields of 9.75%.