SoftBank Group (TYO:9984) raised approximately $4.8 billion by selling shares in T-Mobile US, according to Bloomberg News on Tuesday.
This strategic move is intended to help finance the Japanese conglomerate's ambitious plans in the field of artificial intelligence, said the news wire.
The company sold 21.5 million T-Mobile shares at $224 each, representing a 3% discount from T-Mobile's closing price on Monday, said the publication.
SoftBank is significantly increasing its investments in AI, aiming to develop AI reasoning capabilities superior to human intellect, the report said.
This includes potential investments of up to $30 billion in OpenAI and collaborations with the ChatGPT creator to develop extensive data center infrastructure globally, added the report.
Softbank did not immediately respond to a request for comment from MT Newswires.
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