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SoftBank is a Japanese telecommunications and internet company with operations spanning broadband, fixed-line telecommunications, e-commerce, the internet, finance, media and marketing, and other businesses.
A spate of unexplained regulatory moves against tech and education firms has not only put off top global investors like SoftBank, it has led to speculation that China has had a change of heart on opening up, writes Wang Xiangwei.
Amid rising geopolitical tensions, most of the top 30 investors that invested in Chinese unicorns are based within the country.
The emergence of technology providers like Firework coincides with a growing ‘direct-to-customer’ trend for Chinese merchants involved in cross-border e-commerce.
The moves underscore Saudi Arabia’s commitment to transform itself from an oil-dependent economy to a powerhouse that makes money on everything from tech to metals, mining and tourism.
Jeff Williams was a guest of honour at a gala celebrating the iPhone assembler’s 50th anniversary, also attended by SoftBank CEO Masayoshi Son and Arm boss Rene Haas.
The Japanese tycoon is currently worth US$15.1 billion, compared with US$11.3 billion at the end of last year. Son is benefiting from Arm’s rally because he owns roughly a third of SoftBank, which holds 90 per cent of the UK chip designer.
SoftBank expects to book US$8.5 billion, about 425 times the value of its initial Alibaba investment, for its 2024 financial year after divesting more than 500 million shares in the e-commerce giant.
The combined stakes of the two co-founders eclipsed SoftBank Group, which has reduced its shares in Alibaba through a series of forward contracts.
Sam Altman is concerned that as AI becomes more pervasive, there will not be enough chips for widespread deployment, sources say.
The British firm will offer new China-related roles to about 15 staff members as it cuts back amid China’s declining contribution to its global sales.
More than 700 of OpenAI's roughly 770 employees signed a letter, calling for all board members to resign and for fired CEO Sam Altman to be reinstated.
Code-named Tigris, the project aimed to create an AI-focused chip company that could produce semiconductors rivalling those from Nvidia, sources say.
Arm Holdings on Wednesday gave a third-quarter sales outlook below Wall Street estimates, with the firm attributing the forecast to a large deal that is likely to land later than expected.
Once valued at US$47 billion, WeWork’s plunge into bankruptcy damaged the professional reputation of SoftBank’s Masayoshi Son far beyond the US$11.5 billion he lost in the co-working office space start-up.
The company, which struggled to survive the Covid-19 pandemic and a derailed initial public offering, reported estimated assets and liabilities ranging from US$10 billion to US$50 billion.
WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.
Akshay Naheta, who pitched SoftBank on selling chip firm Arm to Nvidia, set up his stablecoin firm DTR in the emirate’s financial free zone in Abu Dhabi.
Investors rush to buy into the British chip designer despite its heavy exposure to heightened China-US tech tensions.
Vijay Shekhar Sharma, also CEO of Paytm, increased his stake at the firm after purchasing shares from Ant Group subsidiary Antfin amid broader concerns about Chinese ownership in Indian fintech firms.
The SoftBank Group-owned chip firm aims to raise US$5 billion to US$7 billion, and its valuation could end up in the range of US$50 billion to US$60 billion.
Tech giants are scrambling to get a piece of the IPO for Arm, which designs chips that are critical to mobile devices, to prevent rivals from gaining an edge.
The semiconductor design firm did not disclose proposed terms for the sale, but it is expected to seek a valuation of US$60 billion to US$70 billion.
Temasek, SoftBank and Sino Global were named along with nine other VC firms in a class-action lawsuit alleging they should have known about issues at FTX before it collapsed.
Beijing-based Keep, which attempted to list twice in Hong Kong last year, has raised US$40 million from the sale of 10.84 million shares on its third attempt.
The Vision Fund unit had 349 employees at the end of March, and new lay-offs would add to the 150 jobs SoftBank Group International cut in September.
Taiwanese chip designer MediaTek said it will be using Arm’s latest tech innovation to boost the performance of next-generation smartphones.
China’s growing demand for chips used in electric vehicles, servers in data centres and artificial intelligence applications provides a vast opportunity for RISC-V processors to flourish.
Chinese technology companies held by SoftBank face a threat to their recovery from Beijing’s regulatory crackdown: the Japanese investment firm reportedly plans to trim its substantial portfolio of China assets.
US semiconductor company Marvell Technology said it is cutting about 320 jobs, or 4 per cent of its global workforce, in response to an industry slowdown.
Arm is expected to submit paperwork in late April for its IPO, which is expected to be underwritten by Goldman Sachs, JPMorgan Chase, Barclays and Mizuho Financial.