Fintech venture capital firm SoftBank Vision Fund has announced plans to reduce its workforce by 20% as part of a strategic pivot toward enhancing AI investments.
According to a report from Reuters, founder Masayoshi Son is reallocating resources to prioritize growth in artificial intelligence. With over 300 employees globally, this reduction marks the third wave of layoffs for the firm since 2022.
This strategic shift underscores Son’s ambition to lead in the rapidly evolving AI landscape, especially as worldwide investment in AI initiatives surges. Over the past year, Son has committed $9.7 billion to OpenAI, alongside investments in semiconductor companies Graphcore and Ampere Computing, as well as tech giants Intel and Nvidia. These financial moves reflect a concerted effort to establish robust AI infrastructure encompassing chips, data centers, and advanced models.
A spokesperson for SoftBank stated, “We continually adjust our organization to effectively implement our long-term strategy, focusing on bold, high-conviction investments in AI and groundbreaking technologies that create enduring value for our stakeholders.”