SoftBank Concedes Stargate Project With OpenAI Needs More Time

SoftBank Group Corp. said it’s taking longer than anticipated to get Stargate off the ground, conceding for the first time that the $500 billion artificial intelligence tie-up in the US with OpenAI is bogging down.

The Japanese company is trying to forge a consensus with partners including Oracle Corp. and Abu Dhabi’s MGX, Chief Financial Officer Yoshimitsu Goto said during an earnings briefing. SoftBank expects to begin “concrete” negotiations for its first Stargate datacenter site soon, Goto said.

“We need to take our time to prepare a model case for Stargate,” he told analysts and reporters. “A lot of parties ...