SoftBank recently closed the deal to acquire a stake in Uber
Japanese (EWJ) giant SoftBank officially closed the deal with ride-hailing company Uber on Thursday, January 18. This move makes SoftBank Uber’s largest investor. SoftBank also holds stakes in China’s Didi Chuxing and India’s Ola, ride-hailing companies that compete with Uber.
SoftBank’s investment in Uber is expected to be part of its $100 billion Vision Fund, which is backed by tech giants like Apple (AAPL) and Qualcomm (QCOM). The Vision Fund is also backed by sovereign funds from Saudi Arabia and the UAE.
The Vision Fund includes investments in AI
In October 2017, SoftBank’s CEO, Masayoshi Son, noted that the company had made a $3.0 billion profit from its Vision Fund, which was five months old at the time. Son is bullish about artificial intelligence, and he predicts that there could be 10 billion robots by 2040, including autonomous cars.
The Vision Fund includes a $5.0 billion investment in chipmaker Nvidia (NVDA). In August 2017, shared workspace provider WeWork received a $4.4 billion investment from SoftBank. The $9.3 billion investment in Uber would be the largest investment by the Vision Fund so far.
The Vision Fund also includes investments in Indian startups like Flipkart, which competes with Amazon (AMZN), and OYO Rooms. India has been an attractive investment destination, as tech giants Amazon and Apple (AAPL) have made significant investments in the country.