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Investing.com-- SoftBank Group Corp. (TYO:9984) is seeking to raise billions through the overseas bond market for the second time this year amid an aggressive push into artificial intelligence, Bloomberg reported on Wednesday.
Softbank is seeking to raise between $1.5 billion and $2 billion in the dollar debt market, and about 500 million euros ($580 million) from euro-denominated issuances, Bloomberg reported, citing people familiar with the matter.
The move will mark Softbank’s second foray into overseas debt this year, and like the first, is likely to be directed towards the Japanese conglomerate’s aggressive artificial intelligence expansion.
At the heart of its efforts is a $40 billion investment in OpenAI, and a $500 billion tie-up with the AI startup to build more data center infrastructure in the United States.
The company is reaping some returns on its AI and tech investments, which saw a substantial boost in valuations over the past two years. This helped the company swing to a profit in its fiscal first quarter.
Earlier in October, Softbank agreed to buy the robotics business of Swiss engineering group ABB, which it said was to fuse AI and robotics to create tangible AI.
Softbank’s shares slid 5.2% on Wednesday, facing heavy profit-taking after hitting record highs on Tuesday.