Apple today announced that it has invested $1 billion in Japanese company SoftBank's Vision Fund, confirming rumors suggesting the two had held talks back in December.
The SoftBank Vision Fund, which SoftBank is aiming to launch next year, could be one of the largest tech investment funds in the world. The money will be invested in emerging technologies like artificial intelligence, deep learning, robotics, and connected devices.
According to Apple spokeswoman Kristin Huguet, who spoke to The Wall Street Journal, the company believes the fund could be strategically important for future developments.
Apple spokeswoman Kristin Huguet said, "We believe their new fund will speed the development of technologies which may be strategically important to Apple." She added Apple has worked with the Japanese telecom company for many years.
SoftBank is aiming to raise $100 billion for the fund, with plans to contribute at least $25 billion itself. The Saudi Arabian government is the largest contributor, pledging up to $45 billion.
SoftBank CEO Masayoshi Son has promised to invest $50 billion of the fund in the United States to create 50,000 jobs in the country, a move that's been praised by President-elect Donald Trump.
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