Masayoshi Son calls AI bubble talk 'an insult,' draws parallel to early internet era

SoftBank Group Chairman and CEO Masayoshi Son — whose Korean name is Son Jeong-ui — has flatly shrugged off concerns about an AI bubble, calling them the same misreading that greeted the early days of the internet.

Speaking at SoftBank Group's annual general shareholders meeting in Tokyo on Wednesday, Son said the same skepticism arose when the internet was just getting started. "Calling an industry that has only just begun a bubble is an insult to AI," he said, according to Japan's Nikkei and Yomiuri Shimbun.

Son said the AI world has only been "substantively underway for three years" and predicted that the age of superintelligence would expand rapidly. "AI is evolving at a pace that leaves no time for sleep," he added.

SoftBank has committed roughly $65 billion (about 100 trillion won) to OpenAI, the maker of ChatGPT, and plans to deploy an additional $30 billion this year, according to industry sources. The company's current stake in OpenAI is valued at approximately $80 billion.

Son also drew a clear line between his own AI ambitions and the space-based AI data center concept being pursued by SpaceX CEO Elon Musk.

At a separate SoftBank telecommunications unit shareholders meeting on Tuesday, Son said electricity costs account for only a small share of AI data center operating expenses, while the costs of sending equipment into space — along with communication latency and maintenance challenges — would pose significant problems, according to Bloomberg.

Meanwhile, Son, who is 68, said he has revised his long-stated "50-year life plan" — which had envisioned handing over management in his 60s — to a "60-year life plan." He said he intends to work hard for another 10 to 15 years. "There is no time to retire," he said.

SK Hynix said Tuesday it will issue 17.79 million new shares and list American depositary receipts on the Nasdaq on July 10, following a board resolution. Based on the current share price, the ADR issuance is valued at up to 45 trillion won ($32.6 billion).