Masayoshi Son, founder and chief executive of Japanese investment firm SoftBank has ridiculed opponents of AI and predicted the technology would account for 20 per cent of global output by 2040.

Speaking at his annual SoftBank world event, the controversial billionaire reiterated his belief that AI is not a bubble, dismissing concerns as “absurd”, and telling the assembled executives that those who condemn the software “have essentially refused their own evolution”.

At the same time, he said he believes that AI development will require investment of $5 trillion a year, which will pay off if it comes to account for the one fifth of the global economy he expects. At that point, Son said, the sending is “a rounding error”.

He did not provide details on how either figure was reached.

SoftBank, founded by Son 45 years ago, has always been driven by its founder’s decision-making. But recent reporting in the Financial Times suggests that some around him are not convinced that his huge bets on AI will pay off.

In an interview with the paper on 6 July, Son said that: “This is really the period that we have to show what SoftBank is,” referring to its position at the centre of the AI boom. While many SoftBank investors are behind the man, whose vision made SoftBank the most valuable company in Japan in June, others are less certain, the paper said.

Since its highs in June, the investment firm has lost over 10 per cent of its value, driven in part by fears that OpenAI’s initial public offering (IPO) may be delayed.

As one of the largest investors in the AI giant, a successful IPO could turn massive profits for SoftBank, and allow it to reduce its position in a firm that has yet to turn a profit.

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