Apple Confirms $1 Billion Investment In SoftBank's Tech Fund

Apple will invest $1 billion in a fund set up by Japanese telecom company SoftBank to finance new technology that could be used in the future, the Wall Street Journal reported Wednesday. "We believe their new fund will speed the development of technologies which may be strategically important to Apple," Apple spokeswoman Kristin Huguet told the Journal . The SoftBank Vision Fund, which the Japanese company is hoping to launch next year, could be one of the largest global tech investment funds, with the potential size of the Fund going up to $100 billion. SoftBank itself expects to invest at least $25 billion. Meanwhile, Saudi Arabia's Public Investment Fund could become the leading funding partner, with its potential $45 billion investment over five years. The money will be used to finance new technology, such as artificial intelligence, deep learning, robotics, and connected devices.