SoftBank Seeks Stake in Japan’s Top Utility to Power AI Boom

(Bloomberg) -- SoftBank Group Corp. is looking to invest in Japan’s biggest power utility to help secure the electricity needed to expand in artificial intelligence, the company’s chief executive officer said.

The telecoms unit of SoftBank is seeking a stake in Tokyo Electric Power Co., Masayoshi Son told shareholders on Wednesday. Having Tepco — as the utility is known — within SoftBank’s sphere of influence would help the firm push into AI data centers, which require large amounts of power, he said.

Tokyo-based SoftBank is one of the world’s foremost supporters of AI, and has been exploring ways to secure energy for its ambitions in Japan. The group’s telecoms unit plans to transform a factory in Osaka into one of the country’s biggest production lines for large-scale batteries.

Tepco is on the hunt for a capital tie-up to help turn its business around and underpin the ballooning costs of cleaning up the wrecked Fukushima Dai-Ichi nuclear plant. The company earlier this year sought proposals from potential partners.

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