SoftBank is back, and the AI hype cycle is eating itself

SoftBank and OpenAI this week announced a new 50-50 joint venture to sell enterprise AI tools in Japan under the brand name “Crystal Intelligence.” On paper it is a simple international expansion agreement. But SoftBank’s role as a major investor in OpenAI raises questions about whether AI’s biggest deals create real economic value or just spin money in circles.

On TechCrunch’s Equity podcast, Kirsten Korosec, Anthony Ha, and AI editor Russell Brandom explain why this deal has people skeptical and what it indicates about the sustainability of AI’s current investment model.

Listen to the full episode and hear more about:

• What Box CEO Aaron Levie had to say about whether we’re in an AI bubble at TechCrunch Disrupt 2025, and why the shift from training to inference could actually be reassuring

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