In a joint appearance Monday with President-elect Donald Trump, SoftBank Group CEO Masayoshi Son announced plans to invest $100 billion in U.S. companies and create at least 100,000 new jobs domestically.

The short press event was characterized by mutual praise and relatively sparse on investment details.

Trump initially praised Son as “one of the most successful investors in the world” and called the commitment “a monumental demonstration of confidence in America’s future.” He said the investment will help build and expand artificial intelligence and other “industries of tomorrow” in the United States

Son returned the praise by saying he was celebrating Trump’s victory and that his “confidence in the United States economy has increased tremendously as a result of his victory.”

He added that his hope is that “President Trump will bring the world back to peace.”

SoftBank’s commitment is a repeat – albeit twice the size – of a 2016 deal that Son struck after meeting with Trump following his first election victory. At that time, SoftBank agreed to invest $50 billion in the US to create 50,000 jobs.

SoftBank began significantly expanding its startup investment activities in 2017 with the groundbreaking SoftBank Vision Fund. The fund’s goal was to invest $100 million in startups worldwide. A few years later, SoftBank followed with Vision Fund II.

Mixed results

As we’ve previously reported, SoftBank’s investments are a mix of successes and failures, including many iconic names. It led rounds for a number of startups that have played transformative roles in their industries, including Uber, Slack and DoorDash. However, SoftBank has also poured capital into heavily hyped companies that have since closed or filed for bankruptcy, including WeWork, Zume and Katerra.

This time, Son is getting involved at a time when U.S. startup investment is well below its 2021 peak. However, funding has come off its lows, thanks in large part to investors welcoming artificial intelligence startups.

Trump ended the joint appearance and urged Son to double his planned investment to $200 billion. Son didn’t promise it, but didn’t rule it out either, saying he would “try to make it happen.”

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Illustration: Li-Anne Dias