Published: Thu, January 05, 2017
Tech | By Arthur Brown

Apple joins SoftBank's Vision fund with $1 billion investment

Apple joins SoftBank's Vision fund with $1 billion investment

Apple confirmed today that is getting into the venture capital game by investing in one of the world's largest tech funds.

Qualcomm (QCOM) will invest in SoftBank's (9984.Japan/SFTBY) new $100 billion technology fund, the Wall Street Journal reported.

"We believe their new fund will speed the development of technologies which may be strategically important to Apple", the Journal quoted Apple spokeswoman Kristin Huguet as saying.

SoftBank is aiming to raise $100 billion for the fund, with plans to contribute at least $25 billion itself.

Elton John breaks down as he performs tribute to George Michael
John reportedly garnered a standing ovation for the tribute, and was visibly emotional following the performance. George Michael, whose real name is Georgios Kyriacos Panayiotou, died suddenly on Christmas day.

But the fund gained much attention in early December when he met with America's President-elect Donald Trump and pledged to invest US$50 billion in the U.S. Son also pledged to create thousands of jobs.

"Masa said he would never do this had we not won the election!", Trump tweeted at the time.

The deal follows Apple's $1 billion investment in Chinese ride-hailing company Didi Chuxing, announced in May. But it could also help him curry favor with a new administration if he needs help with regulatory issues, including a merger between SoftBank's Sprint (S) and T-Mobile (TMUS). Money from the fund will be invested in cutting-edge technology like machine learning, AI, connected devices and new hardware.

Japanese telecoms giant SoftBank has attracted the likes of Apple, Foxconn, Qualcomm and Oracle founder Larry Ellison to invest in its $100bn (£81.4bn) London-headquartered tech fund.

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