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SoftBank CEO Masayoshi Son Defends AI Growth at AGM, Highlights Companys Valuation Gap
Masayoshi Son, founder and chief executive of SoftBank Group, told shareholders on Wednesday that artificial intelligence (AI) is still in its infancy and that calls for a bubble in the sector are an insult to the technology. The comments were made during the conglomerate’s annual general meeting in Tokyo.
Son said, "I think it's an insult to AI if you say it's a bubble," adding that the industry is "just the beginning" and that AI’s potential will be unlocked in the coming years. The remarks came as SoftBank’s share price has risen sharply, in part because of the group’s heavy investment in OpenAI. The company’s stake in the U.S. AI research organization has been a key driver of investor enthusiasm.
The CEO also used a familiar metaphor to describe SoftBank’s role in the tech ecosystem. "Eggs do not lay eggs, the goose lays the eggs," Son said, comparing the group to a factory that produces the next generation of technology companies. He noted that SoftBank’s market capitalisation is about 37 trillion yen ($229 billion), while the value of its assets totals roughly 74 trillion yen. "How long do I have to fight to convince you that the goose did a good job?" he asked.
Son’s comments reflect a long history of market cycles. He has survived the dot‑com bubble of the early 2000s and the downturn that followed the COVID‑19 pandemic, during which SoftBank’s portfolio fell into what he called the "valley of the coronavirus." He said he will continue to lead the company into his 70s, with a goal of achieving "artificial super intelligence," a term he defines as a system that is 10,000 times smarter than a human.
"I have become greedier," Son said. "I would like to do more over the next 10 to 15 years. I will stay healthy as long as I can."
The meeting also provided a forum for shareholders to ask questions. One participant, describing herself as a "simple housewife," asked Son to nominate her son for a seat on the board. Son replied, "I'll keep that in mind."
SoftBank’s investment strategy has been built around its Vision Fund, the world’s largest technology‑focused venture capital fund. The fund has invested in a wide array of companies, from e‑commerce and robotics to AI and semiconductors. The group’s stake in OpenAI is one of its most high‑profile holdings, and the company’s support has helped drive the recent surge in AI‑related valuations.
Despite the optimism, investors have expressed concerns about the sustainability of the AI boom. The valuation gap between SoftBank’s market cap and its asset base has been cited as a potential risk. Son’s remarks at the AGM were aimed at reassuring shareholders that the company’s long‑term strategy remains sound.
In closing, Son reiterated his confidence in AI’s future and the role SoftBank will play in that future. He emphasized that the company is a "factory that lays the eggs" of new technology, and that it will continue to invest aggressively in AI and related fields.
The AGM concluded with a reaffirmation of SoftBank’s commitment to its investment portfolio and to the development of AI technologies. The company’s next steps will likely involve further investments in AI startups, continued support for OpenAI, and potential new initiatives to advance the field of artificial super intelligence.
The company’s share price remains volatile, reflecting broader market sentiment around AI. SoftBank’s leadership will need to balance aggressive investment with prudent risk management as it navigates the evolving landscape of technology and finance.
Son said, "I think it's an insult to AI if you say it's a bubble," adding that the industry is "just the beginning" and that AI’s potential will be unlocked in the coming years. The remarks came as SoftBank’s share price has risen sharply, in part because of the group’s heavy investment in OpenAI. The company’s stake in the U.S. AI research organization has been a key driver of investor enthusiasm.
The CEO also used a familiar metaphor to describe SoftBank’s role in the tech ecosystem. "Eggs do not lay eggs, the goose lays the eggs," Son said, comparing the group to a factory that produces the next generation of technology companies. He noted that SoftBank’s market capitalisation is about 37 trillion yen ($229 billion), while the value of its assets totals roughly 74 trillion yen. "How long do I have to fight to convince you that the goose did a good job?" he asked.
Son’s comments reflect a long history of market cycles. He has survived the dot‑com bubble of the early 2000s and the downturn that followed the COVID‑19 pandemic, during which SoftBank’s portfolio fell into what he called the "valley of the coronavirus." He said he will continue to lead the company into his 70s, with a goal of achieving "artificial super intelligence," a term he defines as a system that is 10,000 times smarter than a human.
"I have become greedier," Son said. "I would like to do more over the next 10 to 15 years. I will stay healthy as long as I can."
The meeting also provided a forum for shareholders to ask questions. One participant, describing herself as a "simple housewife," asked Son to nominate her son for a seat on the board. Son replied, "I'll keep that in mind."
SoftBank’s investment strategy has been built around its Vision Fund, the world’s largest technology‑focused venture capital fund. The fund has invested in a wide array of companies, from e‑commerce and robotics to AI and semiconductors. The group’s stake in OpenAI is one of its most high‑profile holdings, and the company’s support has helped drive the recent surge in AI‑related valuations.
Despite the optimism, investors have expressed concerns about the sustainability of the AI boom. The valuation gap between SoftBank’s market cap and its asset base has been cited as a potential risk. Son’s remarks at the AGM were aimed at reassuring shareholders that the company’s long‑term strategy remains sound.
In closing, Son reiterated his confidence in AI’s future and the role SoftBank will play in that future. He emphasized that the company is a "factory that lays the eggs" of new technology, and that it will continue to invest aggressively in AI and related fields.
The AGM concluded with a reaffirmation of SoftBank’s commitment to its investment portfolio and to the development of AI technologies. The company’s next steps will likely involve further investments in AI startups, continued support for OpenAI, and potential new initiatives to advance the field of artificial super intelligence.
The company’s share price remains volatile, reflecting broader market sentiment around AI. SoftBank’s leadership will need to balance aggressive investment with prudent risk management as it navigates the evolving landscape of technology and finance.
