SoftBank’s $7 Billion AI Loss

It's Benzinga, bringing Wall Street to Main Street. SoftBank Group reported a second quarter net loss of $7 billion as U.S. data center development costs and rising financing payments weighed on earnings, according to Reuters. The loss exceeded analysts' forecasts and compared with a 2.5 trillion yen profit a year earlier. SoftBank recorded a $3.7 billion loss tied to advance payments for U.S. data center equipment after project plans changed. The company could receive up to 2.1 billion dollars in rebates on future purchases. Financing costs more than doubled to 462 billion yen during the quarter. SoftBank raised a record $56.5 billion during the period as founder Masayoshi Son continued aggressive investments in artificial intelligence, including data centers, robotics, and a $64.6 billion stake in OpenAI. For all things money, visit Benzinga.com.