Qualcomm to Invest in SoftBank's New Technology Fund
- Author: Kyle Warner Jan 05, 2017,
Jan 05, 2017, 0:46
Apple (AAPL, Tech30) confirmed on Tuesday that it is investing $1 billion in a massive new technology fund from Japan's SoftBank Group, which has recently drawn the attention of the president-elect. "We believe their new fund will speed the development of technologies which may be strategically important to Apple", spokeswoman Krisitn Huguet said.
Originally announced back in October, SoftBank projects that will raise around $100 billion towards the Vision Fund.
US President elect Donald Trump met with SoftBank CEO Masayoshi Son in New York City in December. The company announced it was creating the tech fund in October of a year ago with the goal of getting $100 billion in capitol.
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But asked by reporters Wednesday afternoon how that transition was going, Trump said , "I think very, very smoothly". Still, Sprint will likely have fewer workers than when Son's firm SoftBank acquired a controlling stake in 2013.
"We are excited to work with President-Elect Trump and his Administration to do our part to drive economic growth and create jobs in the USA", said Claure. The money will be invested in emerging technologies like artificial intelligence, deep learning, robotics, and connected devices.
Japanese telecoms giant SoftBank has attracted the likes of Apple, Foxconn, Qualcomm and Oracle founder Larry Ellison to invest in its $100bn (£81.4bn) London-headquartered tech fund.
Reps for Softbank and Qualcomm did not immediately respond to requests for comment.