Japanese tech investment firm SoftBank promises to invest $100bn during Trump’s second term to create 100,000 AI-related jobs
SoftBank chief executive Masayoshi Son has promised to invest $100 billion (£79bn) in the US over the next four years during a visit to Donald Trump’s residence at the Mar-a-Lago resort in Palm Beach, Florida, as tech executives line up to curry favour with the returning president-elect.
The billionaire investor and SoftBank founder said at the joint announcement that he would seek to create at least 100,000 US jobs focused on artificial intelligence and related infrastructure, with the funding to be deployed before the end of Trump’s term.
“President Trump is a double down president. I’m going to have to double down,” Son said.
Son and Trump made a similar announcement in 2016 when Trump was elected the first time, with SoftBank saying it aimed to invest $50bn and create 50,000 jobs.
AI investment plans
“This historic investment is a monumental demonstration confidence in America’s future,” Trump said.
The funding could come through various entities controlled by SoftBank, such as the Vision Fund, capital projects or chip designer ARM Holdings, which is majority-owned by the Japanese investment firm.
SoftBank said earlier this year it planned to build data centres using upcoming ARM AI chips in the US, Europe, Asia and the Middle East.
Analysts at Astris Advisory in Tokyo said in a note that the announcement largely fits in with SoftBank’s existing investment plans, but added that goodwill with the incoming administration could be an important factor.
SoftBank has already announced some significant investments in US companies, including a recent $1.5bn investment in ChatGPT developer OpenAI.
Major tech companies, many of which have experienced friction with Trump in the past, have lined up to donate to Trump’s inauguration fund and meet with the president-elect in an effort to improve relations with the businessman.
Donations
Amazon, Meta, Google and others have made millions in donations, while Trump said he recently had dinner with Apple chief Tim Cook and planned to see Jeff Bezos at Mar-a-Lago this week.
The president-elect has announced various business-friendly policy plans, and optimism that his term will be good for business has seen a sharp rise in US stocks since his re-election.
Bitcoin has meanwhile risen sharply in value since the election, with Trump promising more crypto-friendly policies.