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Business trends

Only 'No. 1' companies will survive in AI era, says SoftBank CEO

Rivalry heats up as ride-hailing companies head to public markets

Masayoshi Son attends a news conference in Tokyo last November.   © Reuters

TOKYO -- SoftBank Group Chairman and CEO Masayoshi Son on Monday said only the top players will survive in the age of artificial intelligence, shrugging off concerns over the rise of rivals in industries that his near-$100 billion technology fund invests in.

The remarks come as Lyft, the second-largest ride hailing company in the U.S., prepares to go public as early as this month. SoftBank's Vision Fund is the biggest shareholder in the top player, Uber Technologies, and also invests in peers like China's Didi Chuxing and Singapore-based Grab.

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