Apple Confirms $1 Billion Investment In SoftBank

Posted: Jan 5 2017, 2:25am CST | by , in News | Apple

 

Apple Confirms $1 Billion Investment in SoftBank
Photo Credit: Getty Images
 

Tech giant Apple on Thursday confirmed it plans to invest $1 billion in Japanese telecom giant SoftBank's massive $100 billion Vision Fund.

According to a report in TechCrunch, the fund is a joint effort between SoftBank and the government of Saudi Arabia's Public Investment Fund (PIF) that reportedly seeks to invest in emerging technologies, including artificial intelligence and the Internet of Things (IoT).

"Apple is planning to invest $1 billion in SoftBank's Vision Fund. We have worked closely with SoftBank for many years and we believe their new fund will speed the development of technologies which may be strategically important to Apple," the company said in a statement.

SoftBank is investing $25 billion in the Vision Fund, with another $45 billion to come from Saudi Arabia.

Recently, US President-elect Donald Trump claimed the credit for Vision Fund plans that pre-dated his election win. 

The Author

<a href="/latest_stories/all/all/59" rel="author">IANS</a>
The Indo-Asian News Service (IANS) was established in 1986, initially to serve as an information bridge between India and its thriving Diaspora in North America. Now IANS is a full-fledged wire agency, putting out news 24x7 from around the world.

 

 

Advertisement

Latest News

comments powered by Disqus

Follow Us
Follow I4U News on Twitter
Follow I4U News on Facebook