Summary of the Key Points
At SoftBank's shareholders' meeting, Masayoshi Son responded to criticisms with the extreme statement that "claiming there is a bubble in AI is tantamount to blasphemy," which essentially constitutes a form of "mythological rhetoric." By portraying AI as a sacred and inviolable entity and using religious/mythic symbols to replace business logic, he not only prevents external questions about the implementation of technology and financial risks but also finds an excuse for his decision to remain in office indefinitely (to create super-intelligence) and to align SoftBank's business strategy with the narrative around AI. This tactic is a familiar one for him: in the past, he has compared himself to Jesus and named chip projects after Japanese deities to leverage capital and maintain his authority. However, with SoftBank currently facing challenges such as plummeting stock prices, high debt levels, and a mismatch between technology cycles, even the most elaborate myths cannot escape the test of business reality.
1. "Blasphemy" is not genuine faith; it's a rhetorical tool to silence opposition
When Son says that claiming there is a bubble in AI is blasphemy, he doesn't truly believe AI to be divine. Instead, he uses the label of "divinity" to frame any criticism as an offense against something sacred. This move is particularly effective because you can't argue with a believer about the existence of a deity—the very act of discussing it is considered wrong. Why does he do this? SoftBank's fortune is heavily tied to AI: its significant investments in OpenAI, bets on Arm chips, the construction of the Izanagi wafer factory, and the commitment of a $100 billion investment in the United States all rely on the belief that AI will change everything. If he were to admit the existence of a bubble, investors would question his reasoning, and funds might withdraw, potentially shaking the entire business structure. By using the term "blasphemy," he effectively labels critics as those who do not respect the sacred and avoids addressing concrete issues such as cash flow and the timing of technology implementation.
2. Masayoshi Son is well-versed in this mythological tactic
In 2020, SoftBank suffered heavy losses: Vision Fund lost $18 billion, WeWork and Uber faced financial crises, and investors withdrew their funds. How did he respond? He showed a slide asserting that these startups were merely temporarily trapped in the challenges of the pandemic and would eventually succeed. He also compared himself to Jesus, saying, "Even a savior can be misunderstood but will ultimately rise again." The $100 billion chip project launched last year is named after Izanagi, the Japanese deity of creation. This name choice is not about cultural sentiment but rather to convince Middle Eastern sovereign funds that they are investing in more than just a regular chip factory—a "civilization-building initiative," which instantly elevates the project's significance and makes it easier to attract funding. His use of divine imagery has nothing to do with genuine religious beliefs (Son follows Zen Buddhism, not Christianity), but precisely because there are no doctrinal constraints, he can freely employ mythological symbols: using "blasphemy" to silence critics, "savior" to shift blame, or "creation deities" to justify funding.
3. The success of his myths relies on past achievements
His rhetoric is backed by real accomplishments:
- While studying in the United States, he earned $2 million through a patent for a pocket translator and by introducing arcade games;
- At 24, he returned to Japan to found SoftBank and dominated the PC software distribution market; by 37, his company went public, making him a billionaire;
- In 1995, he invested $100 million in Yahoo, which later multiplied in value after going public;
- In 1999, he met Jack Ma and invested $20 million (a small amount at the time), which turned out to be one of SoftBank's most successful investments;
- In 2016, he spent $32 billion to acquire Arm; although criticized for being "crazy," Arm has become one of SoftBank's most valuable assets in the AI era. These tangible successes have made investors willing to believe in his myths, given that he has been right in several previous investments.
4. The excuse for not retiring: Turning power transition into a "civilizational responsibility"
Previously, Son announced plans to retire at 60, but these plans have been postponed indefinitely, and now he intends to stay in office for another 10-15 years. SoftBank is not a family-owned company; his authority stems from his personal abilities, without the legitimacy of inheritance. If he were to simply say, "I don't want to retire," it would raise doubts about corporate governance. Instead, he frames his decision as part of a "civilizational mission" to create super-intelligence that surpasses human intelligence, which only he can fulfill. By rephrasing his reasons, he turns the issue of leaving office into one of global responsibility, making criticism seem irrelevant to the bigger picture.
5. No matter how impressive the myths, reality will eventually catch up
This time, Son's use of "blasphemy" is particularly pronounced due to the severe pressures he faces:
- Before the shareholders' meeting, SoftBank's stock price dropped by 20% in a week, resulting in a loss of $50 billion;
- The company owes ¥16.3 trillion (about $800 billion) in debt, and Standard & Poor's has downgraded its credit rating, increasing the short-term repayment pressure;
- The Izanagi wafer factory will take 3-5 years to go from construction to mass production, while AI technology evolves rapidly, creating a mismatch between development timelines;
- The $100 billion investment must be fulfilled with real money, and the repayment deadlines for temporary loans cannot wait for the arrival of super-intelligence.
Myths can temporarily attract capital and silence critics, but they cannot change the laws of technology or erase debt. Son has honed this rhetorical technique over the years, using it to rise from humble beginnings to success. However, in the AI era, business realities may not be swayed by terms like "blasphemy."
In conclusion: Masayoshi Son's mythological rhetoric serves as a form of packaging that temporarily addresses issues of trust and authority. But whether AI will succeed or whether the debt can be repaid ultimately depends on practical outcomes in technology implementation and financial performance. No matter how appealing the myths sound, they must be backed by tangible results and real achievements.