Trump and SoftBank CEO Son to Announce $100 Billion US Investment
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President-elect Donald Trump and SoftBank Group CEO Masayoshi Son will jointly announce on Monday that SoftBank plans to invest $100 billion in US projects over the next four years, according to a report from the Wall Street Journal. The announcement, scheduled to take place at Trump's Mar-a-Lago estate in Florida, aims to showcase the economic dynamism of Trump's second term.
SoftBank estimates that these investments will create 100,000 jobs in the US, primarily focused on artificial intelligence and emerging technologies. The company aims to complete these projects before Trump leaves office in 2029, according to a source cited by the Journal.
The $100 billion commitment is a significant boost for the incoming Republican president, who has made economic revitalization a central focus of his campaign and has promised swift action upon taking office next month. Trump recently stated that any company investing $1 billion or more in the US would receive expedited permitting.
This latest investment pledge from SoftBank is double the amount Son promised in startups following a meeting with Trump in December 2016. At the time, Trump described Son as "one of the great men of industry."
The 2016 pledge came after SoftBank secured funding from Middle Eastern countries for its $100 billion Vision Fund, a venture capital fund that has since seen numerous high-profile failures, including WeWork and startups such as Katerra and a robot pizza delivery company. This track record could present challenges for SoftBank in securing external funding for the new $100 billion commitment.
Son has recently expressed strong interest in investing in AI, a sector he has long predicted would experience significant growth. He has also indicated an interest in related fields such as data centers and chip manufacturing. Earlier this year, he predicted that computers would achieve human-level cognitive abilities within two to three years.
"A gold rush of intelligence has arrived. The one who goes fastest will win," Son stated at SoftBank World 2024.
While companies have sometimes struggled to fully deliver on ambitious job creation and investment promises in the US, Trump has been actively seeking to demonstrate his influence as he returns to the White House. He has engaged with world leaders and leading business executives, including some who previously distanced themselves from him.