SoftBank to focus on AI, but might pick up LINE, Yahoo! holding company
SoftBank, once Alibaba's biggest investor, has sold its stake in the Chinese tech company, it told investors on an earnings call.The Japanese investment holding firm initially invested $20 million into Alibaba back in 2000 when it was merely a startup. CEO Mayashi Sonto add AI chips to its product portfolio starting in 2025, had shifted to account for more than 45 percent of Softbank's net asset value. Vision Funds accounts for 29 percent.
The CFO detailed the change was"not just simply shifting from Alibaba to someone else, rather it shows shift to AI centric portfolio." its second consecutive quarterly profit – this time 231 billion yen . Comparatively, a year earlier it suffered a 57.6 billion yen quarterly loss.For FY23, Softbank said it incurred 959.9 billion yen realized and unrealized valuation losses on Alibaba shares that were offset by 1.51 trillion yen derivative gains related to its prepaid forward contracts.
While Softbank's strategy involves pulling itself further out of the red by ditching Alibaba and eyeing up AI infrastructure, it may be also putting more money into messaging apps.last Friday that it is in talks with Softbank over the sale of A Holdings, the company that controls LY Corp – an entity that operates the popular Japanese messaging app LINE along with Yahoo! Japan.
LY Corporation was formed in 2021 after it acquired LINE from South Korean tech giant NAVER. NAVER and LINE have operated intermingled tech stacks since. But in November of last year, a data leak highlighted the risks of such intermingled stacks and drew the attention of governments. The data of more than half a million users was exposed.between the South Korean and Japanese governments as the former would prefer the latter kindly back off any pressure for a sale.Sponsored FeatureJapanese government rejects Yahoo! infosec improvement plan1
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