SoftBank has taken a $US4 billion (£3 billion) stake in graphics chipmaker Nvidia, according to a Bloomberg report that cites people familiar with the deal.
The Japanese tech giant, which acquired UK chip designer ARM for $US31 billion (£24 billion) last September, reportedly disclosed that it owns an unspecified amount of Nvidia stock when it announced that it has closed a $US93 billion (£72 billion) “Vision Fund” over the weekend.
The amount of equity that SoftBank holds in the company is believed to be around 4.9%, according to Bloomberg.
SoftBank announced a $US100 billion (£77 billion) fund last October, saying that it would be based in London and backed with $US45 billion (£35 billion) from Saudi Arabia, $US25 billion (£19 billion) from SoftBank, and $US35 billion (£27 billion) from other “global investors.”
Apple, Qualcomm, Sharp, and Oracle founder Larry Ellison have pledged billions of dollars to the fund, which will be used to back companies around the world, but particularly in the US.
“With the establishment of the SoftBank Vision Fund, we will be able to step up investments in technology companies globally,” said Son when the fund was announced. “Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector. We will further accelerate the Information Revolution by contributing to its development.”
Last December, Masayoshi Son, the chairman and CEO of SoftBank, pledged to invest half of a $US100 billion (£77 billion) pot into US technology companies. Son met with US president Donald Trump at the time and told him that he would create 50,000 new jobs in the US as a result of his investment activities in the country.
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