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June 20 (Reuters) - SoftBank Group founder Masayoshi Son is envisaging setting up a $1 trillion industrial complex in Arizona that will build robots and artificial intelligence, Bloomberg News reported on Friday, citing people familiar with the matter.
Son is seeking to team up with Taiwan Semiconductor Manufacturing Company for the project, which is aimed at bringing back high-end tech manufacturing to the U.S. and to create a version of China's vast manufacturing hub of Shenzhen, the report said.
SoftBank officials have spoken with U.S. federal and state government officials to discuss possible tax breaks for companies building factories or otherwise investing in the industrial park, including talks with U.S. Secretary of Commerce Howard Lutnick, the report said.
SoftBank is keen to have TSMC involved in the project, codenamed Project Crystal Land, but it is not clear in what capacity, the report said. It is also not clear the Taiwanese company would be interested, it said.
I'm sure Softbank is keen to have TSMC involved but I'm not sure why. Softbank and Tesla/xAI will go head to head here but I agree, the AI press releases continue with impunity.
I just wonder if these publicly traded companies are held accountable for these errant press releases? Or can they just say economics have changed blah blah blah, and do the executive shuffle? Stakeholders seem to be blind eyeing this one.
I just wonder if these publicly traded companies are held accountable for these errant press releases? Or can they just say economics have changed blah blah blah, and do the executive shuffle? Stakeholders seem to be blind eyeing this one.
We saw exactly the same in the telecoms tech bubble around 2000 when someone memorably noted that Wall Street stock analyst reports would better be labelled as paid advertising for their banking clients.
Elon Musk has been making price-sensitive public announcements for years without any SEC action that I recall (always happy to be corrected).
And issuing a press release with a fantasy number 10X what is possible almost seems like it's both expected and necessary to get media attention these days.
Elon Musk was sued by the SEC over his tweet regarding "funding secured" to take Telsa private at US$420 a share, leading to a combined US$40 million in settlements for him and Tesla and a requirement that a Tesla lawyer screen some of his tweets in advance.
