Fintech venture capital firm, SoftBank Vision Fund, will be axing 20% of its staff in a push to boost AI investment.
According to Reuters, SoftBank Vision Fund founder Masayoshi Son is restructuring funding and resources into AI growth. The Fund employs over 300 people worldwide. This marks the third round of layoffs in the firm since 2022.
The shift indicates Son’s ambitions to excel in the AI race, as global investment in AI initiatives skyrockets. In the last year, Son has invested $9.7 billion in OpenAI, and has invested in chip firms Graphcore and Ampere Computing, along with leading tech companies Intel and Nvidia. These investments indicate a move to build AI infrastructure in chips, datacentres, and models.
A SoftBank spokesperson commented: “We continually adjust the organisation to best execute our long-term strategy - making bold, high-conviction investments in AI and breakthrough technologies, and creating long-term value for our stakeholders.”