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SoftBank advances with $370 million bond issuance to finance artificial intelligence
SoftBank Group plans to sell bonds worth approximately 60 billion yen (about $369 million) to Japanese institutional investors this month, with the aim of financing its expansion in artificial intelligence projects, including investing around $65 billion in OpenAI. The bonds will have maturities ranging from three to five years. This move reflects the company's increased financing needs as it expands its presence in the AI sector, despite recent declines in its stock due to concerns over the potential returns from these investments and the delay in the initial public offering of OpenAI. This comes after the company reduced its target for secured loans against its stake in OpenAI from $10 billion to $6 billion, amid an improved assessment of its financial position following a rise in Arm's stock price.
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