For years, Japanese investment group SoftBank has been all-in on the AI gold rush.

In early 2025, mere weeks into his second term as president, Donald Trump announced a $500 billion AI infrastructure project, dubbed Stargate, as OpenAI CEO Sam Altman and SoftBank CEO Masayoshi Son proudly watched on inside the Oval Office.

Over the proceeding year and a half, snowballing AI hype has sent valuations in the space soaring to spectacular new heights. At first, investors were throwing themselves at any opportunity to hop on the gravy train with the hope of cashing in big.

But major tech sell-offs have once again stoked fears of a looming AI bubble, which critics fear could send the entire economy into a tailspin if it were to collapse.

To a defiant Son, however, the party hasn’t even started. During his company’s annual general meeting this week, he had some memorable words for those who warn of impending doom.

“I think it’s blasphemy against AI if ‌you say it’s a bubble,” he said, as quoted by Reuters. “It’s just the beginning. AI’s potential will be unlocked.”

When or if such an “industrial revolution” will occur remains a major point of contention. Proponents continue to argue that constructing enormous AI data center projects will be ultimately worth it. Critics, however, maintain that it’s a dead end and a colossal misallocation of resources that’s already resulting in water shortages, skyrocketing electricity prices, and lots and lots of pollution.

For his part, Son is firmly in the former camp. In a major vote of confidence, SoftBank has committed to invest over $64 billion in OpenAI, more than any other investor.

Earlier this month, the mercurial entrepreneur made headlines when he argued that the current AI revolution was “more than 10x, probably 50x bigger than dot-com,” referring to the stock market frenzy of the late 1990s — which infamously collapsed in on itself.

In his defense, Son didn’t rule out a crash outright, but promised many golden days ahead even if that were to happen.

“Now, if you look at the history, electronics and motorization crashed in 1929, but went up for many, many years, for the next 100 years after that,” the CEO said at the time. “So there may be some correction, but that will be the best investment opportunity to me.”

Whether everybody at SoftBank shares his conviction is far less clear. In explosive reporting by Bloomberg last month, SoftBank insiders said they were rattled by Son committing more than $60 billion to Altman’s OpenAI, arguing he was star-struck and being taken for a ride, and warning that the deal could blow up in his face.

After all, OpenAI is burning through cash at an alarming rate, while also struggling to keep up.

While he did helm SoftBank throughout the dot-com crisis and the COVID-19 pandemic, Son’s track record is far from perfect. For one, the corporation made major investments in WeWork, a coworking space startup that imploded in spectacular fashion in 2019, leaving the possibility that his all-in on AI could come to look foolish as well.

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