TOKYO, June 21 (Reuters) - SoftBank Group (9984.T) CEO Masayoshi Son said on Wednesday that his tech investing conglomerate plans to shift its stance to "offence mode" amid excitement over advances in artificial intelligence.
"The time has come to shift to offence mode," Son told shareholders at the group's annual general meeting.
SoftBank reported a net loss of 970 billion yen ($6.85 billion) for the year ended March 31, cushioning losses at the Vision Fund unit by selling down its stake in Alibaba (9988.HK).
SoftBank's liquid assets, which include cash, cash equivalents and an undrawn commitment line, rose to 5.1 trillion yen at March-end compared to 2.9 trillion yen a year earlier.
SoftBank aims to list Arm on Nasdaq later this year and is seeking to raise between $8 billion and $10 billion, Reuters has reported.
Persons:
Masayoshi Son, Son, SoftBank, Yoshimitsu Goto, ChatGPT, Astro, Tezuka Osamu, Sam Nussey, Anton, Muralikumar Anantharaman, Sonali Paul
Organizations:
SoftBank, Vision Fund, Vision, HK, Astro Boy, Nasdaq, Reuters, Intel, Thomson
Locations:
TOKYO, Alibaba