The biggest backers of SoftBank’s gargantuan Vision Fund are reconsidering how much to commit to its next investment vehicle as an oversized bet on flexible workspace provider WeWork sours. From a report: Saudi Arabia’s Public Investment Fund, which contributed $45 billion to the $100 billion Vision Fund, is now only planning to reinvest profits from that vehicle into its successor, according…
Tag: SoftBank
WeWork Weighs Slashing Valuation by More Than Half Amid IPO Skepticism
WeWork’s parent company is weighing a dramatic reduction in its valuation [alternative source] as it aims to go public while facing widespread skepticism over its business model and corporate governance, WSJ reported Thursday, citing people familiar with the matter. From the report: We is considering putting a price tag on its IPO that would value it somewhere in the $20 billion…
Amazon, Microsoft Are ‘Putting World At Risk of Killer AI,’ Says Study
oxide7 shares a report from International Business Times: Amazon, Microsoft and Intel are among leading tech companies putting the world at risk through killer robot development, according to a report that surveyed major players from the sector about their stance on lethal autonomous weapons. Dutch NGO Pax ranked 50 companies by three criteria: whether they were developing technology that could be…
AI Startup Claims To Automate App Making But Actually Just Uses Humans
Engineer.ai, an Indian startup claiming to have built an artificial intelligence-assisted app development platform, is not in fact using AI to literally build apps, according to a report from The Wall Street Journal. Instead, the company, which has attracted nearly $30 million in funding from a SoftBank-owned firm and others, is reportedly relying mostly on human engineers, while using hype around…
AI Startup Boom Raises Questions of Exaggerated Tech Savvy
SoftBank-backed startup offers ‘human-assisted’ artificial-intelligence; current, former employees say company inflates its tech expertise. WSJ reports: Startup Engineer.ai says it uses artificial-intelligence technology to largely automate the development of mobile apps, but several current and former employees say the company exaggerates its AI capabilities to attract customers and investors. The competing claims reflect a growing challenge in the tech world of…
SoftBank Rolls Out Second Tech Megafund, With Apple Among Top Investors
Japan’s SoftBank Group unveiled a second technology megafund even bigger than its nearly $100 billion Vision Fund, answering skeptics who questioned whether anyone could raise so much in such a short time. From a report: Vision Fund 2, as the company is calling it, expects to gather some $108 billion in capital from more than a dozen investors that have signed…
Apple Hires Key Chip Designer From ARM As Own Efforts Ramp Up
Apple has hired one of ARM’s top chip engineers as the iPhone maker looks to expand its own chip development to more powerful devices, including the Mac, and new categories like a headset. Bloomberg reports: The company hired Mike Filippo in May for a chip architect position, according to his LinkedIn profile. At ARM, Filippo was a lead engineer behind chip…
Japan Plans To Create 10 Billion 14-Digit Phone Numbers as 5G Era Nears
Japan’s communications ministry plans to create for assignment some 10 billion 14-digit phone numbers starting with the code “020.” From a report: With the commercialization of fifth-generation, or 5G, superfast mobile communications fast approaching, 11-digit numbers are expected to run out as early as fiscal 2022. The plan to introduce the new numbers, by the end of 2021 at the latest,…
SoftBank Founder Masayoshi Son Lost $130 Million on Bitcoin
Masayoshi Son, the billionaire founder of SoftBank Group, made a huge personal bet on bitcoin just as prices for the digital currency peaked, losing more than $130 million when he sold out, WSJ (paywalled) reported Tuesday, citing people familiar with the matter. From the report (alternative source): Mr. Son, who launched the world’s biggest venture-capital fund on the strength of his…