India can become AI chip capital of the world: SoftBank's Masayoshi Son

As India makes strides successful artificial quality (AI), SoftBank's Founder and CEO Masayoshi Son has said that the state tin go the AI spot superior of the world.

In a gathering with immoderate starring Indian startup founders successful the nationalist capital, Son who has invested successful respective companies successful the country, said helium volition put much and much successful AI successful India successful the coming years.

This was Son's archetypal travel to India successful astir 2 years. He was besides reported to person met Prime Minister Narendra Modi, though determination was nary authoritative connection astir the gathering yet.

SoftBank has invested successful respective Indian startups, including Snapdeal, Ola, Oyo, Housing.com and Grofers (now Blinkit and a Zomato company).

Son had earlier declared that SoftBank would put $10 cardinal successful India implicit the coming years. As the generative AI contention heats up, SoftBank CEO was reportedly aiming to rise astir $100 cardinal for his AI venture, reports surfaced earlier this year.

The Japan's concern large swung to its biggest quarterly nett successful 2 years successful the September quarter, owing to increasing fig of IPOs successful the Indian markets. SoftBank reported a nett income of 1.18 trillion yen ($7.7 billion) for the September quarter, a stark turnaround from past year's nett nonaccomplishment of 931 cardinal yen.

The tech conglomerate's gains were driven by rising stock prices of publically listed Indian companies wrong its Vision Fund investments. "After we were making ample losses successful the Vision Funds, we were precise conservative.

So present we were capable to make bully profits arsenic a effect of learning from that," SoftBank Chief Financial Officer Yoshimitsu Goto said aft the earnings.

The 2 Vision funds afloat oregon partially exited investments to the tune of $1.85 billion. It made afloat exits from 10 portfolio companies, including integer outgo steadfast Paytm.