SoftBank rides AI surge; From trash to livelihoods

Next week, India will become the epicenter of global AI discussions as the India AI Impact Summit brings together top tech innovators, political leaders, and visionaries from around the world. The event, to be inaugurated by Prime Minister Narendra Modi, aims to highlight India’s rising influence in AI.

Although NVIDIA CEO Jensen Huang, one of the biggest attractions at the summit, will not travel to India, the summit continues to draw thought leaders and industry pioneers eager to explore how AI will shape business and governance globally.

Meanwhile, as the US markets keep a close watch on how tools from Anthropic and Altruist are shaping software and financial services, Chinese tech giants are making waves with AI breakthroughs in robotics and video generation.

Earlier this week, Alibaba, ByteDance, and Kuaishou unveiled new AI models showing that China is rapidly closing the gap with the West. Google DeepMind CEO Demis Hassabis said Chinese AI models are just “months” behind Western rivals. 

In other news, Airbnb said that its in-house AI agent now manages about one-third of customer support requests in North America, with plans to expand the feature worldwide.

In today’s newsletter, we will talk about 

• SoftBank rides AI surge
• From trash to livelihoods

Here’s your trivia for today: Which country was the first to host the Summer and Winter Olympic Games in the same year?

Insight

SoftBank rides AI surge

SoftBank has hitched itself to OpenAI’s trajectory, transforming the ChatGPT maker’s soaring valuation into substantial paper wealth while preparing to deepen its commitment by another $30 billion.

AI-related holdings accounted for about 18% of the group’s net asset value roughly three years ago, but now represent more than 60%.

Key takeaways:

• SoftBank has invested $34.6 billion in OpenAI for an 11% stake and plans to add another $30 billion. As OpenAI’s valuation jumped from $150 billion to $500 billion, SoftBank booked major unrealised gains, boosting its return to profit.
• AI assets have climbed from 18% to over 60% of SoftBank’s net asset value in three years. Beyond OpenAI, the company is investing across the AI stack, from chips (Ampere) and robotics (ABB) to digital infrastructure (DigitalBridge, Stargate data centres).
• SoftBank is doubling down on AI infrastructure despite bubble concerns. Executives say computing demand exceeds supply, but critics warn valuations and data centre growth hinge on sustained AI adoption.

Social Impact

From trash to livelihoods

Every day, India produces tonnes of waste that often ends up in landfills or water bodies. Once handled mainly by the informal sector, recycling is now being reimagined by a new wave of social enterprises and climate-focused startups.

Waste management:

• Phool, founded by Ankit Agarwal, collects temple flowers and turns them into incense, wellness products, and plant-based “Fleather.” Its labour-intensive model employs women and low-income workers, diverting tonnes of organic waste while creating steady local incomes.
• Code Effort, started by brothers Naman and Vipul Gupta, collects and recycles millions of cigarette butts daily, turning tobacco into compost, paper into stationery and mosquito repellents, and filters into fibers for textiles. The startup employs waste pickers and women artisans in Noida.
• Saahas Zero Waste, founded by Wilma Rodrigues, collects and processes over 100 tonnes of waste daily, turning food into compost or biogas and dry waste into recycled products.

News & updates

• Alibaba partnership: The Indian government has partnered with China’s Alibaba.com on an export-focused programme aimed to help startups and small businesses reach overseas buyers. The new partnership arrives after years of strained India-China relations.
• Nothing launch: London-based smartphone maker Nothing has sharpened its India focus with the launch of its first flagship offline store in Bengaluru, doubling down on one of its largest markets at a time when global rivals are accelerating their own retail push in the country.
• SpaceX IPO: Elon Musk’s SpaceX is considering a dual-class share structure in its planned IPO this year. The space firm, which acquired Musk’s xAI, is planning a blockbuster public offering this year that could value it at over $1.5 trillion.

Which country was the first to host the Summer and Winter Olympic Games in the same year?

Answer: France (1924)

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