SoftBank Group 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 an insult to AI to call it a bubble," Son said at SoftBank's annual shareholder meeting. "This is just the beginning. The potential of AI will eventually be unleashed."
The investment boom in AI continues to push up valuations of related companies, with Softbank Group Corp (SFTBY) shares also rising due to Son's all-in investment in OpenAI, even as investors harbor doubts about the sustainability of the rally.
Son has experienced market booms and busts throughout his career, including the dot-com bubble and the COVID-19 pandemic, during which his investment portfolio once fell into a "pandemic valley."
The shareholder meeting provided Son with an opportunity to outline his vision for the company and answer questions from retail investors.
Son, who has previously compared SoftBank to a goose that lays golden eggs, revisited this analogy.
"Eggs don't lay eggs, the goose does," he said. "SoftBank Group is the factory that lays the eggs."
He also lamented the significant gap between the company's market capitalization of approximately 37 trillion yen ($229 billion) and its asset value of about 74 trillion yen.
"How much time do I have to spend to convince you that the goose is doing a good job?" Son asked.
The 68-year-old entrepreneur stated that he intends to lead the company into his 70s, focusing on developing "artificial super intelligence," which he defines as being 10,000 times smarter than humans.
"I've become more greedy," Son said. "I want to achieve even more in the next 10 to 15 years. I will keep going as long as my health allows."
Comments