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Arm IPO gives SoftBank a new Alibaba to bank on

Japanese investment group's listed assets get nearly $54bn boost, CFO says

SoftBank Group Chief Financial Officer Yoshimitsu Goto, left, and Arm CEO Rene Haas shake hands as the chip designer goes public in New York on Sept. 14.   © Reuters

TOKYO/LONDON -- With the stock market listing of its prized chip design unit Arm, Japan's SoftBank Group seeks to shift its artificial intelligence strategy into high gear while shoring up its own finances.

Arm is "in the leading position of the artificial intelligence revolution that we have been strategically advancing," Yoshimitsu Goto, SoftBank's chief financial officer, told reporters in New York after Arm's Nasdaq debut Thursday.

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