Masayoshi Son, the chairman of Japan's SoftBank, has emerged as a key foreign investor for U.S. President Donald Trump. In the past eight months, the relationship between the two parties has tightened, operating even as an unofficial diplomatic channel where the financial interests of both countries intersect.
According to the Financial Times (FT) on the 25th (local time), SoftBank has recently expanded its investment activities in the United States. It is securing additional equity in OpenAI, investing $2 billion in Intel, and is considering acquiring a foundry business. In Arizona, it is also pushing forward with plans to build a large-scale robotics and AI complex.
Chairman Son's large-scale investments are welcomed in Washington for bringing jobs and capital to the United States. However, the issue arises when President Trump emphasizes direct decision-making by the U.S. government over foreign capital in politically and strategically sensitive industries like semiconductors or steel. In this case, Chairman Son's investment activities could be restricted unless he maintains a close relationship with Trump.
In fact, when Japan Steel was attempting to acquire U.S. steelmaker U.S. Steel in the past, the Biden administration intervened, viewing the steel industry as a strategic asset directly related to national security. However, the situation changed after Trump took office. The Trump administration allowed the acquisition but set the condition that the government secure a 'golden share,' which gives the U.S. government a final veto on specific decisions, ensuring that, even if foreign corporations hold ownership, the control remains with the U.S. government.
Amid these currents, Chairman Son has expanded his position by staying close to Trump. He has built trust through visits to the White House, rounds of golf, and major investment announcements. Following the announcement of a $50 billion investment plan at Trump Tower in 2016, he pledged an additional $100 billion investment after Trump's re-election. He is also jointly advancing a $500 billion 'Stargate' AI data center project with Sam Altman of OpenAI and Larry Ellison of Oracle.
Analysts believe that Chairman Son must be close to the core of U.S. politics to realize his goals of building AI infrastructure and global expansion. Research firm MST Financial stated, "Chairman Son's strategy has always been focused on expanding investments in U.S. semiconductors and AI."
However, there are past failures as well. In 2021, the Biden administration blocked SoftBank's semiconductor subsidiary Arm's acquisition of Nvidia for national security reasons. Nevertheless, this year, thanks to Arm's performance and expectations for OpenAI investments, SoftBank's stock prices have soared by over 60%. Major investment successes in Alibaba, ByteDance, and Arm continue to support Chairman Son's 'gambling' image.
Some voices of warning have emerged. Investors continue to apply a discount rate of about 40% to SoftBank's net worth, reflecting uncertainty. There are concerns about the opacity in financing the Stargate project and negotiations between OpenAI and Microsoft. In Japanese diplomatic circles, worries have also been raised. A diplomatic source in Tokyo stated in an interview with the FT, "Chairman Son is acting as a gatekeeper for the top ranks of the U.S. government instead of the Japanese government," and added that "it is risky for the relationship to be overly concentrated on a specific individual."
Additionally, Kunihiko Miyake, a professor at Ritsumeikan University, noted, "If Masayoshi Son is not close to Trump, he is useless, but if he is too close, it is also dangerous." While the interests of the United States and Japan align, both sides can achieve a win-win outcome, but there are predictions that if the balance is broken, Chairman Son's entire investment empire could be shaken.