Loss-making SoftBank ready for counteroffensive with AI, CEO says

SoftBank Group Corp. CEO Masayoshi Son said Wednesday the company will “mount a counteroffensive” after posting a massive net loss for the second straight year in fiscal 2022, vowing to pursue growth that utilizes the rising popularity of artificial intelligence.

Son said the Japanese investment and technology giant is now ready to tap into 5 trillion yen ($35 billion) of cash reserves after cutting back on new investment in recent years to cope with worsening market conditions.

“An artificial intelligence revolution is about to explode,” Son said at the company’s annual shareholder meeting in...