SoftBank Group to Get 40 B. Dlrs for Investment in OpenAI

Tokyo, March 27 (Jiji Press)--Japanese technology investor SoftBank Group Corp. said Friday that it has concluded a bridge loan contract of up to 40 billion dollars with five banks to finance its additional investment in U.S. artificial intelligence developer OpenAI.

The unsecured contract was concluded with three Japanese megabanks--Mizuho Bank, Sumitomo Mitsui Banking Corp. and MUFG Bank--and U.S. financial giants Goldman Sachs Group Inc. and JPMorgan Chase & Co. The loan will mature on March 25, 2027.

Through the move, SoftBank Group aims to provide financial aid to OpenAI, the operator of the ChatGPT generative AI chatbot, amid intensifying competition over AI development.

SoftBank Group plans to use its own assets to repay the loan.

In late February, SoftBank Group signed an agreement to invest an additional 30 billion dollars in OpenAI. SoftBank Group's cumulative investments in the AI developer are expected to reach 64.6 billion dollars, raising its stake to about 13 pct.

[Copyright The Jiji Press, Ltd.]