The investment projects 100,000 new jobs ‘at minimum’ over the next four years.
SoftBank, a Japanese internet services and telecommunications titan, will invest $100 billion in the United States over the next four years, President-elect Donald Trump announced at his Mar-a-Lago residence on Dec. 16.
The Tokyo-based company will allocate the $100 billion to U.S. projects centered on artificial intelligence and AI-related infrastructure, such as energy, chips, and data centers. Trump estimates it will create 100,000 jobs “at minimum” over the next four years.
It aims to complete the investments before Trump finishes his second term in 2029.
“This historic investment is a monumental demonstration [of] confidence in America’s future,” Trump, accompanied by his nominee for commerce secretary, Howard Lutnick, told reporters at a news conference.
“It will help ensure that artificial intelligence [AI], emerging technologies, and other industries of tomorrow are built, created, and grown right here in the USA.”
Masayoshi Son, the founder and CEO of SoftBank, expressed his confidence in the U.S. economy with Trump at the helm.
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“My confidence level in the economy of the United States has tremendously increased with his victory,” Son said in brief remarks. “So I am truly excited to make this happen.”
While business and technology are important, Son said he hopes Trump will “bring the world into peace again.”
Son and Trump said SoftBank will double the company’s investment to $200 billion.
“President Trump is a double-down president. I’m going to have to double down,” Son said.
Trump cited the dramatic increase in small business optimism.
Last week, the National Federation of Independent Business’s Small Business Optimism Index registered its largest monthly jump since 1980.
“That’s unheard of, and that’s the biggest they think it recorded history,” the president-elect said at the Dec. 16 press conference.
This, Trump said, will be the first step to “restore our nation to full prosperity.”
“We’re going to go full prosperity and to build the greatest economy the world has ever seen, just as we had just a short time ago,” Trump said.
He also reiterated his campaign promises to slash regulations, lower corporate taxes for companies producing their products in the United States, and fasten permits for any business or individual investing $1 billion in the country.
He estimated that artificial intelligence will be 10,000 times smarter than a human brain and that AI data centers will demand 400 gigawatts of power by 2035. In total, Son projected that generative AI would require $9 trillion in cumulative capital expenditures per year, from chips to data centers.
“It’s too much investment for many people’s view … it’s still very reasonable capex,” Son said at the Future Investment Initiative. “Nine trillion dollars is not too big, maybe too small.”
At the Softbank World 2024 event, Son said he expects artificial general intelligence to be completed within three years.
“A gold rush of intelligence has arrived. The one who goes fastest will win,” he stated.
SoftBank’s latest announcement is similar to Son’s pledge in December 2016.
During a visit to Trump Tower, Son committed to investing $50 billion to generate 50,000 new jobs.
The final employment tally was uncertain.
Original News Source Link – Epoch Times
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