SoftBank CEO Plans to Build Artificial Super Intelligence to Boost Shareholder’s Value
With the evolution of artificial intelligence, tech industrial heavyweights are exploring ways to remain profitable. The SoftBank Group has joined the list of companies seeking to tap the benefits of AI.
On Friday, the chief executive of SoftBank, Masayoshi Son, revealed plans to launch an AI superintelligence model (ASI). The CEO plans to scale up the AI model to outpace human capabilities.
SoftBank Plans to Launch Artificial Super Intelligence
He believes that the proposed ASI will outdo human potential by ten times. Son anticipated the ASI model would be available in two to three years. The executive projects that if artificial general intelligence (AGI) outsmarts human capabilities, there will be no need to change peoples’ lifestyles.
The executive unveiled the ASI vision at the SoftBank annual general meeting. Compared to the AGI, the executive believes that the ASI will introduce significant developments in the AI industry.
The CEO noted that AGI will outsmart human genius by ten times while ASI will exceed human potential by 10000. The executive envisages that in the coming months sev, several ASI models will be able to interact seamlessly, just like the interconnection between the human brain and neurons.
He anticipates that the ongoing development of the ASI model will impact the development of innovative AI models that outperform human potential by 10,000 times. Having been the linchpin for SoftBank, Son remained at the forefront of leading the financial institution in attracting prosperity.
SoftBank to Invest in AI Projects
In 2017, Son launched the SoftBank Vision Fund, which supports tech startups in their early growth stage. In May 2022, the SoftBank investment arm Vision Funds suffered huge losses, forcing the company to take corrective action.
The report indicates that the Vision Funds lost nearly $27.4 billion at the end of Q2 of 2022. The company stated that the surging interest rate, the Russian-Ukraine war, and the aftermath of the Covid-19 pandemic contributed to the losses.
Even though the Vision Fund failed to attain the goal, Son led SoftBank to defense mode. At this stage, the company will review its past failures to become more conservative in future investments.
Since the failure of the Vision Fund, Son has disappeared from the public eye and only resurfaced with new investment opportunities in AI. His June 21 speech was more emotional since Son revisited the failure of Vision Fund.
The CEO lamented that he had not achieved his desired goals to date. However, he vowed to get more done to attain his life purpose.
SoftBank Reveals Next Move
In pursuing life purpose, Son believes that he was born to unveil ASI and lead SoftBank in supporting the evolution of humanity. SoftBank is reportedly planning to invest in installing $100 billion AI chips called Izanagi.
During the annual meeting, the shareholders demanded to know more about Project Izanagi and its objective. Responding to the multiple questions, Son did not elaborate more about project Izanagi but vowed to work hard to achieve the desired result for this project.
Also, during the meeting, Son did not comment on questions concerning SoftBank share buybacks, stock splits, and dividends. Son described the share buybacks and dividend payouts as minor compared to the proposed ASI model.
The CEO emphasized that being part of AI evolution and launching the ASI model were critical to increasing shareholders’ value. He admitted that the shareholders were still uncertain whether the SoftBank shares would improve.
The shareholders expressed concerns about SoftBank shares after Elliot Investment acquired shares worth more than $2 billion. The Elliot team still demands a share buyback amounting to $15 billion.
The Elliot team has shown growing interest in SoftBank shares for a long time. The executive expressed concerns that he was uncertain about what will happen next.
He said he might do a share buyback, enter an agreement to privatize the company or continue with SoftBank operations. However, he said that he would prioritize the development of ASI.
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