SoftBank is testing a key self-imposed borrowing limit as it commits a further $30bn to OpenAI, a move that risks unsettling investors already wary of its growing exposure to artificial intelligence.
The Japanese group aims to keep its loan-to-value ratio — a measure of net debt against the value of its holdings — below 25 per cent in normal conditions. But it now accepts the threshold could be exceeded in the coming months as it increases AI investment.
“I don’t deny the possibility in the future that we may go temporarily beyond 25 per cent,” chief financial officer Yoshimitsu Goto told the FT.
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