Saleh Romeih to Asharq Al-Awsat: The World Is Witnessing an AI Revolution

Saleh Romeih to Asharq Al-Awsat: The World Is Witnessing an AI Revolution

SoftBank Vision Fund: The pandemic catalyzed tech adoption

SoftBank Vision Fund Managing Partner Saleh Romeih says the Saudi Public Investment Fund (PIF) and Emirati Mubadala shared our belief in the AI revolution.

Last month, Softbank made headlines around the world after it reported a whopping $45.8 billion net profit for the fiscal year that ended in March, largely driven by gains in its Vision Fund.

The annual profit was not only the highest of any Japanese company ever and a stark reversal from the 962 billion yen ($8.7 billion) loss registered during the previous fiscal year, it was also logged during a difficult pandemic year.

AI revolution

Commenting on the historic gains, SoftBank Vision Fund Managing Partner Saleh Romeih tells Asharq Al-Awsat that "the restrictions imposed by the Covid-19 crisis and ensuing policies have catalyzed tech adoption by consumers and enterprises“. He adds that "this validates our central thesis that we are in the midst of an AI/tech revolution which will shape the world dramatically“.

"This has disproportionately benefited sectors where we continue to invest: e-commerce, education, enterprise software, entertainment, food delivery, and health care, among others“, Romeih points out.

Talking about this year's performance, Romeih explains that it has been primarily driven by the "gains in