President-elect Donald Trump and Softbank CEO Masayoshi Son are announcing a $100 billion investment in critical infrastructure and artificial intelligence on Monday, the incoming White House press secretary told FOX Business.
Karoline Leavitt, speaking on "Varney & Company," called the investment "a huge win for Trump, and it's another example of the Trump effect."
"The CEO of SoftBank will be at Mar-a-Lago today. You will hear from him and the president-elect in just a couple of hours talking about this $100 billion investment in critical infrastructure and in AI," she said. "And the CEO of SoftBank is also promising to create 100,000 new American jobs.
"This is President Trump delivering on the promise he made to the American people on the campaign trail that he was going to make the United States of America the manufacturing superpower of the world," Leavitt added.
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A person involved with the event today at Mar-a-Lago told The Wall Street Journal that SoftBank – a telecommunications and internet services company based in Japan – plans to complete the investments before Trump leaves office in 2029.
The newspaper reported that SoftBank currently has around $30 billion of cash in hand, so it is unclear how the funding commitment will be met.
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The company previously launched the SoftBank Vision Fund – a $100 billion venture capital fund that was marked by flops including office space company WeWork and construction-focused startup Katerra, according to the Journal.
Son was cited as saying in October that he believes computers will possess human-level cognitive abilities within the next two to three years.
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"A gold rush of intelligence has arrived. The one who goes fastest will win," Son reportedly said at the SoftBank World 2024 conference.
