In the summer of 2016, Masayoshi Son, chairman of SoftBank, acquired the British semiconductor design company ARM for 3.3 trillion yen. At the time, both Japanese media and global financial markets were puzzled.
"Why is a telecom company president buying a semiconductor firm?"
"Isn't that too expensive?"
"What is the synergy?"
Questions poured in. Son's response was unexpected.
"In terms of Go, it's like placing a stone 50 moves ahead."
Few understood the significance of his statement back then. Now, a decade later, the meaning of those 50 moves is gradually becoming clear.
Today, three companies sit at the center of the global AI industry: OpenAI, NVIDIA, and ARM. Son had already secured one of them a decade ago. He is now investing tens of trillions of yen into OpenAI. In Japan, Son's approach to mergers and acquisitions is referred to as 'Go-style M&A.' In South Korea, mergers and acquisitions are often viewed through the lens of market share expansion or economies of scale.
However, Son's method is different. He is not merely a man of the present; he is more like a visionary who sketches the future and moves the present accordingly. A look at SoftBank's history reveals consistency. In the 1990s, he invested in Yahoo. In the 2000s, he nurtured Alibaba. During the mobile era, he dominated telecommunications networks. Now, with the advent of the AI era, he has chosen ARM and OpenAI.
On the surface, it may seem that his investment targets are constantly changing. Yet the essence remains unchanged. He has always aimed to capture both platforms and infrastructure. In the internet era, it was Yahoo and telecommunications; in the AI era, it encompasses OpenAI and semiconductors.
Son sees not just technology but the world that technology will transform. This perspective often leads Japanese business circles to regard him more as a futurist than an entrepreneur.
Interestingly, Japanese society traditionally does not favor this type of leader. The core of Japanese corporate culture is stability and accumulation. Toyota has integrated subsidiaries over decades through relationship-building, and Japanese companies have generally preferred gradual evolution over rapid change. Choosing a proven path over high-risk ventures is characteristic of Japanese management. In this context, Son has always been an outlier.
As a third-generation Korean resident in Japan, he grew up outside the norms of mainstream Japanese society. From a young age, he traveled between Japan and the United States to conceptualize business ideas, free from the hierarchical and organizational constraints typical of Japanese corporations. He is one of the few Japanese business leaders who openly discusses "10 years later" or "30 years later."
In fact, Son has spoken of the concept of a 300-year company since his early days. He has expressed the desire for SoftBank to remain a company that contributes to human civilization even after his death. This renewed attention from Japanese media towards Son stems from this vision. While he was once seen as a reckless gambler, the arrival of the AI era is gradually validating his long-term strategies.
Of course, his path has not always been successful. The failed investment in WeWork is a notable example, resulting in significant losses for SoftBank. In Japan, some have declared that "the Masayoshi Son myth has ended."
However, Son did not retreat. Instead, he intensified his focus on AI. Recent developments at SoftBank indicate a clear intention to transform from a mere investment company into an AI enterprise. They are developing semiconductors, constructing one of the world's largest data centers, acquiring robotics companies, and collaborating with OpenAI to build a new AI ecosystem. This signifies a commitment not just to invest but to take the lead in the AI industry.
The Japanese economy has long grappled with the narrative of the 'lost 30 years.' During this time, while Japanese companies succeeded in stable management, they struggled to position themselves at the forefront of new industrial revolutions. There was a time when Sony, Panasonic, Toshiba, and Sharp led the global electronics industry. However, in the smartphone and platform revolutions, American and Chinese companies seized the initiative. In this sense, Masayoshi Son symbolizes the lost spirit of challenge in the Japanese economy.
The outcome remains uncertain. It is unclear whether OpenAI will maintain its current position, or if Chinese companies will dominate the AI robotics market. The effectiveness of ARM's strategy is also uncertain. However, one thing is clear: amid the global competition for AI supremacy, the person with the biggest dreams in Japan is Masayoshi Son. And that dream did not begin yesterday; it started a decade ago with the acquisition of ARM.
In Go, the move made now often determines the outcome. However, true masters see not just the current move but the 50 moves yet to come. The reason Masayoshi Son continues to astonish the world may lie in this very difference. The battle of the AI era is not just about technology; it is a contest of time and imagination. Son aims to arrive at the future ahead of everyone else and bring that future into the present.
"Why is a telecom company president buying a semiconductor firm?"
"Isn't that too expensive?"
"What is the synergy?"
Questions poured in. Son's response was unexpected.
"In terms of Go, it's like placing a stone 50 moves ahead."
Few understood the significance of his statement back then. Now, a decade later, the meaning of those 50 moves is gradually becoming clear.
Today, three companies sit at the center of the global AI industry: OpenAI, NVIDIA, and ARM. Son had already secured one of them a decade ago. He is now investing tens of trillions of yen into OpenAI. In Japan, Son's approach to mergers and acquisitions is referred to as 'Go-style M&A.' In South Korea, mergers and acquisitions are often viewed through the lens of market share expansion or economies of scale.
However, Son's method is different. He is not merely a man of the present; he is more like a visionary who sketches the future and moves the present accordingly. A look at SoftBank's history reveals consistency. In the 1990s, he invested in Yahoo. In the 2000s, he nurtured Alibaba. During the mobile era, he dominated telecommunications networks. Now, with the advent of the AI era, he has chosen ARM and OpenAI.
On the surface, it may seem that his investment targets are constantly changing. Yet the essence remains unchanged. He has always aimed to capture both platforms and infrastructure. In the internet era, it was Yahoo and telecommunications; in the AI era, it encompasses OpenAI and semiconductors.
Son sees not just technology but the world that technology will transform. This perspective often leads Japanese business circles to regard him more as a futurist than an entrepreneur.
Interestingly, Japanese society traditionally does not favor this type of leader. The core of Japanese corporate culture is stability and accumulation. Toyota has integrated subsidiaries over decades through relationship-building, and Japanese companies have generally preferred gradual evolution over rapid change. Choosing a proven path over high-risk ventures is characteristic of Japanese management. In this context, Son has always been an outlier.
As a third-generation Korean resident in Japan, he grew up outside the norms of mainstream Japanese society. From a young age, he traveled between Japan and the United States to conceptualize business ideas, free from the hierarchical and organizational constraints typical of Japanese corporations. He is one of the few Japanese business leaders who openly discusses "10 years later" or "30 years later."
In fact, Son has spoken of the concept of a 300-year company since his early days. He has expressed the desire for SoftBank to remain a company that contributes to human civilization even after his death. This renewed attention from Japanese media towards Son stems from this vision. While he was once seen as a reckless gambler, the arrival of the AI era is gradually validating his long-term strategies.
Of course, his path has not always been successful. The failed investment in WeWork is a notable example, resulting in significant losses for SoftBank. In Japan, some have declared that "the Masayoshi Son myth has ended."
However, Son did not retreat. Instead, he intensified his focus on AI. Recent developments at SoftBank indicate a clear intention to transform from a mere investment company into an AI enterprise. They are developing semiconductors, constructing one of the world's largest data centers, acquiring robotics companies, and collaborating with OpenAI to build a new AI ecosystem. This signifies a commitment not just to invest but to take the lead in the AI industry.
The Japanese economy has long grappled with the narrative of the 'lost 30 years.' During this time, while Japanese companies succeeded in stable management, they struggled to position themselves at the forefront of new industrial revolutions. There was a time when Sony, Panasonic, Toshiba, and Sharp led the global electronics industry. However, in the smartphone and platform revolutions, American and Chinese companies seized the initiative. In this sense, Masayoshi Son symbolizes the lost spirit of challenge in the Japanese economy.
The outcome remains uncertain. It is unclear whether OpenAI will maintain its current position, or if Chinese companies will dominate the AI robotics market. The effectiveness of ARM's strategy is also uncertain. However, one thing is clear: amid the global competition for AI supremacy, the person with the biggest dreams in Japan is Masayoshi Son. And that dream did not begin yesterday; it started a decade ago with the acquisition of ARM.
In Go, the move made now often determines the outcome. However, true masters see not just the current move but the 50 moves yet to come. The reason Masayoshi Son continues to astonish the world may lie in this very difference. The battle of the AI era is not just about technology; it is a contest of time and imagination. Son aims to arrive at the future ahead of everyone else and bring that future into the present.
* This article has been translated by AI.
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