SoftBank Flips the Venture-Capital Script Again With GM Deal

General Motors, the US's 10th-largest company by revenue, is eager to lay the groundwork for future growth by developing self-driving technology. But its shareholders are dubious of too much spending as revenue declines--it fell 5.5 percent last year. Japanese conglomerate SoftBank has the opposite problem: A giant pile of cash, and not enough opportunities to spend it. The company's Vision Fund does not make investments smaller than $100 million; there are only so many startups worthy of such a large check. That's why the firm has taken a loose interpretation of its artificial intelligence-focused investment thesis, including aspects of human needs that won't be replaced by technology.