SoftBank founder and CEO Masayoshi Son told shareholders on Wednesday that artificial intelligence is still in its early stages and any talk of a bubble is “an insult to AI.”
“I think it’s blasphemy against AI if you say it’s a bubble,” Son said at the Japanese conglomerate’s annual general meeting.
“It’s just the beginning. AI’s potential will be unlocked.”
The AI investment boom has driven up valuations even as investors question the sustainability of the rally, with SoftBank’s share price boosted by Son’s all-in bet on OpenAI.
Son has experienced market booms and busts during his career, including the dot-com bubble and the COVID-19 pandemic, when his portfolio fell into the “valley of the coronavirus.”
SoftBank’s other investments include robotics and the group is building data centres in the U.S.
Tokyo Electric Power Co is looking to bring in external capital, and Son said his group was seeking to invest.
“If (TEPCO) were to join our group, we would increase power supply and bring AI data centers to Japan,” he said.
SoftBank has started manufacturing robots at its “physical AI plant” and will make an announcement on the matter soon, Son said without providing additional details.
“I think we’re the first in the world to have robots manufacturing robots at scale,” Son said.
The shareholder meeting provides an opportunity for Son to lay out his vision for the business and field questions from retail investors.
Son has said that SoftBank is a golden-egg-laying goose and again returned to that comparison.
“Eggs do not lay eggs, the goose lays the eggs,” he said. “SoftBank Group is the factory that lays the eggs.”
He also complained about the gap between the company’s market capitalisation of around 37 trillion yen ($229 billion) and the value of its assets, which total some 74 trillion yen.
“How long do I have to fight to convince you that the goose did a good job?” Son asked.
The entrepreneur, 68, said he will lead the company into his 70s to bring about “artificial superintelligence,” which he defines as being 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.”
One shareholder, who described herself as a “simple housewife,” asked Son to nominate her son to the board of directors.
“You have great vision and skill,” she said. “I would like my son to become like you.”
“I’ll keep that in mind,” Son replied.
