Apple Confirms $1 Billion Investment in SoftBank Technology Fund

Qualcomm (QCOM) will invest in SoftBank's (9984.Japan/SFTBY) new $100 billion technology fund, the Wall Street Journal reported.

"We've worked closely with SoftBank for many years and we believe their new fund will speed the development of technologies which may be strategically important to Apple", Josh Rosenstock, a spokesman for Apple, said in a statement provided to CNNMoney.

She further added that Apple has had a long working relationship with Softbank already, and hence the investment. Further, it is also reportedly engaged in talks with Saudi Arabia's Public Investment Fund (PIF) for seeking an investment of upto $45 billion.

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Qualcomm and Oracle are also rumored to be interested.

SoftBank if putting $25 billion of its own money to the fund.

Apple should benefit from President-elect Donald Trump's planned corporate tax cuts. When announcing the fund in October, SoftBank Chairman and CEO Masayoshi Son said it would become "the biggest investor in the technology sector" and would "accelerate the Information Revolution". Given SoftBank's enduring desire to buy T-Mobile, Son's interest in buttering up the deregulation-friendly incoming president is obvious. The tech giant is hoping new technologies that arise from the fund will come to benefit the company in the future. Now, through Apple, a sliver of the worldwide fund will originate stateside as well.

  • Delia Davidson