SoftBank forms JV to build AI-powered warehouses with Symbotic
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SoftBank Group is forming a joint venture with supply-chain services provider Symbotic to build AI-powered warehouses that will be majority owned by the Japanese technology investor, the companies said on Monday.The firms are investing a total of $100 million in the venture, which will be called GreenBox Systems. The unit has also signed a contract to buy AI-powered systems worth $7.5 billion for its warehouses from Symbotic. The deal will give SoftBank, already an investor in Symbotic, warrants representing about 2% of the U.S. company's outstanding shares. The Japanese firm said it had also bought 17.8 million shares of Symbotic from CEO Rick Cohen. Shares of Symbotic rose 1.3% on Monday, while SoftBank closed 1.2% higher on the Tokyo bourse before the news.The move comes at a ...