| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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| - | - | - |
SoftBank Group is positioning itself to become the world's leading ASI (Artificial Superintelligence) platform provider through massive investments across AI models, semiconductors, infrastructure, and robotics. The company recorded ¥5.0 trillion in net income for fiscal 2025, driven primarily by a ¥6.7 trillion investment gain related to OpenAI, where cumulative investment reached $34.6 billion with fair value of $79.6 billion. NAV increased to ¥40.1 trillion, while LTV improved to 17.0% despite significant capital deployment. Key strategic moves include: consolidating semiconductor assets under a new AI Computing segment (Arm, Ampere acquisition for $6.5 billion); committing to develop 10 GW of power generation and AI data centers in Ohio and 5 GW in France; acquiring ABB's robotics business for $5.4 billion; and committing an additional $30.0 billion follow-on investment in OpenAI. The company aims for NAV of ¥1 quadrillion by 2042. Management maintains extremely bullish conviction on AI, comparing the opportunity to the early internet era, while balancing growth investments with financial discipline through asset monetization and strategic financing.
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SoftBank aims to achieve NAV of ¥1 quadrillion by 2042, representing a 13.5x increase from the current ¥74 trillion. The company is executing a strategy to become the world's No. 1 ASI Platform Provider by securing leadership positions across four key areas: AI models (OpenAI partnership), AI chips (Arm, Ampere), AI infrastructure (data centers and power generation), and physical AI (robotics including ABB acquisition). Management expresses extremely high conviction in the AI revolution, stating 'the AI revolution has only just begun' and comparing the current opportunity to the early days of the internet. The company is balancing aggressive growth investments with financial discipline, maintaining LTV at 17.0% while executing large-scale investments and refinancing activities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jun 30 2026 | 2026 Q2 | ARM, BABA, INTC, NVDA, TMUS, TSLA | AI, Data centers, Energy Infrastructure, Investment, Robotics, semiconductors, technology | - | SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. |
| Jun 30 2025 | 2025 Q2 | 1548.HK, 2228.HK, 9434.T, 9984.T, ARM, ASTO.OL, BABA, CPNG, DASH, DIDI, DTE.DE, GOOGL, KLAC, META, MOMS.NS, MSFT, OLECTRA.NS, SWGY.NS, SYM, TMUS | AI, growth, innovation, Investment, Platform, semiconductors, technology, Vision Funds | - | SoftBank Group is transforming into the world's leading ASI platform provider through massive investments in OpenAI ($30B commitment), Arm's AI chip leadership, and AI infrastructure via the Stargate Project. With ¥25.7 trillion NAV and strong fiscal 2024 performance, the company is strategically positioned across AI chips, robotics, data centers, and energy to capture the AI revolution's unprecedented value creation potential. |
| Dec 31 2024 | 2024 Q4 | AAPL, AMZN, ARM, AURO, AUTO, BABA, CPNG, DASH, DIDI, DTEGY, GKBW, GOOG, GOTO.JK, MSFT, NVDA, SYM, TMUS, UBER, WE, ZOMATO.NS | AI, Arm, growth, innovation, Investment, semiconductors, technology, Vision Funds | - | SoftBank Group's NAV doubled to ¥28 trillion in fiscal 2023, driven by Arm's successful IPO and AI revolution positioning. The company generated 10x returns on Arm investment while maintaining disciplined approach across Vision Funds portfolio. With AI as core thesis and Arm providing foundational technology, SoftBank is strategically positioned for the artificial super intelligence transformation expected within the next decade. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AISoftBank is positioning itself to become the world's leading ASI (Artificial Superintelligence) platform provider. The company has made massive investments in AI infrastructure, including a $64.6 billion cumulative commitment to OpenAI, development of 10 GW power generation and AI data centers in Ohio, and 5 GW AI data center capacity in France. The company views AI as the defining technological shift of this era, comparable to the internet revolution. |
OpenAI ASI AI infrastructure Data centers Generative AI |
SemiconductorsSoftBank has consolidated semiconductor investments under a new AI Computing segment, including Arm (86.7% ownership), Ampere (acquired for $6.5 billion), and Graphcore. Arm announced its first proprietary silicon chip, the Arm AGI CPU, marking a strategic expansion beyond IP licensing. The company sees semiconductors as critical infrastructure for the ASI era, with Arm's technology deployed across smartphones, data centers, IoT devices, and automotive systems. |
Arm Ampere CPU design Chip manufacturing Semiconductor IP | |
Energy InfrastructureSoftBank is making substantial investments in power generation and energy infrastructure to support AI data centers. The company announced a public-private partnership to develop 10 GW of power generation facilities in Ohio, part of a $550 billion Strategic Investment Initiative between Japan and the U.S. Energy Global is advancing construction of powered shells for a 1.2 GW AI data center project in Texas and developing solar power generation facilities. |
Power generation Solar Energy storage Grid infrastructure Renewable energy | |
Data CentersThe company is developing massive AI data center capacity globally, including 10 GW in Ohio and 5 GW in France. These projects are designed to support the expanding use of AI and provide high-performance compute capacity. SoftBank is partnering with strategic players including OpenAI, AEP Ohio, and Schneider Electric to establish large-scale industrial production hubs for data center infrastructure. |
AI data centers Computing capacity Infrastructure development Cooling systems Power efficiency | |
RoboticsSoftBank consolidated approximately 20 robotics-related investments under Robo HD and announced the acquisition of ABB's robotics business for $5.4 billion. The company views physical AI—intelligence embedded in robots and autonomous systems—as a key frontier. The ABB acquisition brings a global sales channel spanning 50+ countries and cumulative robot shipments exceeding 500,000 units, positioning SoftBank to lead the adoption and evolution of physical AI. |
Physical AI Industrial robotics Autonomous systems ABB acquisition Automation | |
TelecommunicationsSoftBank Corp. continues to operate core telecommunications businesses in Japan, including mobile services, broadband, and enterprise solutions. The segment generated ¥965.0 billion in segment income (6.5% increase YoY), driven by growth in smartphone subscribers, enterprise cloud services, and financial services through PayPay. The company is investing in AI computing infrastructure and 5G network enhancements while maintaining stable cash flows from the telecommunications business. |
5G Mobile services Broadband Enterprise solutions Network infrastructure | |
FinTechPayPay completed its IPO on the Nasdaq Global Select Market in March 2026, raising approximately $0.61 billion. The company has grown to become a leading mobile payment platform in Japan. PayPay Bank and PayPay Card are expanding financial services, with growing transaction volumes, fee income, and loan balances. The Finance business segment showed improved profitability through cost efficiencies and revenue growth from payment and financial services. |
PayPay Mobile payments Digital banking Financial services Payment processing | |
CloudSoftBank's Enterprise business segment experienced income growth driven by expansion of cloud service revenue amid accelerating digitalization among enterprises. The company is also investing in cloud infrastructure through its AI data center developments and partnerships with hyperscalers. Arm's technology is increasingly deployed in cloud computing, with AWS Graviton, Google Axion, and Microsoft Azure Cobalt platforms utilizing Arm-based CPUs. |
Cloud services Enterprise digitalization Hyperscalers Cloud infrastructure SaaS | |
| 2025 Q2 |
AISoftBank is positioning itself as the world's No. 1 ASI (Artificial Super Intelligence) platform provider, with major investments in OpenAI, Arm's AI chip designs, and AI infrastructure through the Stargate Project. The company sees AI as completely redefining every industry and believes the next few decades of AI innovation will surpass all technological progress of the last three centuries. |
ASI OpenAI Generative AI Machine Learning AI Infrastructure |
SemiconductorsArm continues to be a cornerstone of SoftBank's platform strategy, with designs used across PCs, automobiles, IoT devices, and cloud computing. The company is acquiring Ampere for $6.5 billion to strengthen its AI chip capabilities and has invested in Graphcore for specialized AI semiconductor design. |
Arm Chip Design AI Chips Semiconductor IP Computing Platform | |
Data CentersSoftBank is leading the Stargate Project to construct large-scale AI data centers in the U.S. over the coming years, viewing this as core strategic infrastructure for the AI era. The company recognizes that robust infrastructure is essential for AI technologies to transform into practical and scalable services. |
Stargate AI Infrastructure Computing Power Cloud Infrastructure Data Center Construction | |
Energy TransitionThrough SBE Global, SoftBank operates one of the largest solar power businesses in the U.S. with nine solar farms generating 2,130 MW collectively. The company is also investing in clean energy projects across Africa, the Middle East, and Asia through portfolio company AMEA Power. |
Solar Power Renewable Energy Clean Energy Solar Farms Energy Storage | |
RoboticsSoftBank has centralized its robotics-related investments under an intermediate holding company (Robo HD) to enhance value creation through synergies. The company is investing in autonomous driving solutions, warehouse automation, and AI-powered robotics across multiple portfolio companies. |
Autonomous Driving Warehouse Automation AI Robotics Automation Solutions Robotics Platform | |
| 2024 Q4 |
AISoftBank positions AI as the core of the Information Revolution and their investment strategy. The company believes AI will redefine all industries and is investing heavily in AI-powered companies across their portfolio. They anticipate the realization of artificial super intelligence (ASI) within ten years, which they view as a turning point in human history. |
Artificial Intelligence Machine Learning Generative AI ASI Technology |
SemiconductorsArm Holdings is central to SoftBank's AI strategy, providing foundational technology for AI computing. The company has seen strong performance from Arm following its IPO, with the chip designer benefiting from increased AI investments by technology companies. Arm's architecture is found in smartphones, automotive, and cloud computing applications. |
Arm Chip Design Processors IP Licensing Computing | |
CloudSoftBank recognizes cloud computing as a key growth area, with Arm-based chips increasingly being developed by hyperscalers like Amazon Web Services, Microsoft, and Google. The company sees cloud infrastructure as essential for supporting AI workloads and data center expansion. |
Data Centers Hyperscalers Infrastructure Computing Power Servers | |
RoboticsSoftBank views robotics as a key application for AI technology, investing in autonomous driving and other robotics projects. The company believes AI-powered smart robots will perform physical tasks across manufacturing, transportation, and other industries as ASI develops. |
Autonomous Driving Smart Robots Automation Manufacturing Transportation | |
Energy TransitionSoftBank has significant investments in renewable energy through SB Energy Global Holdings, operating solar power projects in the U.S. The company also invests in energy-efficient technologies through Arm's processor designs and supports companies developing clean energy solutions. |
Solar Power Renewable Energy Energy Efficiency Clean Technology Sustainability |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| TICKER | COMMENTARY |
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| ARM | Arm delivered record revenue of $4,920 million in fiscal 2025, growing 22.8% year-on-year, driven by royalty revenue growth of 20.5% and license revenue growth of 25.4%. The transition from Armv8 to Armv9 remained a key driver, with Armv9 commanding significantly higher royalty rates. In March 2026, Arm announced Arm AGI CPU, its first proprietary silicon chip, featuring up to 136 cores based on the Neoverse V3 architecture and delivering approximately twice the performance density per rack compared to x86 at 300W TDP. This expands Arm's value proposition in the data center from IP and CSS to silicon supply. SoftBank holds an 86.7% ownership stake in Arm. By fiscal 2030, Arm expects to reach approximately $25 billion in annual revenue, comprising around $10 billion from IP and CSS and in excess of $15 billion from chips. |
| NVDA | In October 2025, all NVIDIA shares held by SBG and the asset management subsidiary were sold. An investment gain of ¥339,092 million in total was recorded, reflecting a share price increase from the beginning of fiscal 2025 to the time of sale. The Company sold 32.1 million shares (including holdings of the asset management subsidiary) for $5.83 billion. The carrying amount of NVIDIA shares decreased by ¥311,566 million due to the sale of all shares (excluding those held by the asset management subsidiary), resulting in a zero balance at the fiscal year-end. |
| INTC | SBG entered into an investment contract with Intel (which constitutes a forward contract) in August 2025 and executed the investment in September 2025. An investment gain of ¥278,566 million was recorded due to a share price increase from the execution of the contract. The carrying amount of Intel shares was zero at the previous fiscal year-end but increased to ¥613,522 million at the fiscal year-end. This was primarily due to a $2.0 billion investment executed in September 2025, as well as a subsequent share price increase. |
| TMUS | SBG sold a portion of its T-Mobile shares. An investment loss of ¥572,143 million was recorded due to a share price decline from the beginning of fiscal 2025 to the time of the sale. In addition, an investment loss of ¥84,695 million was recorded for T-Mobile shares held at the fiscal year-end due to a share price decline from the beginning of fiscal 2025. SBG sold 75.4 million T-Mobile shares for $16.25 billion (¥2,441,049 million). The carrying amount of T-Mobile shares decreased by ¥3,068,273 million, bringing the balance at the fiscal year-end to ¥335,796 million. Cash proceeds of $1.64 billion were generated through prepaid forward contracts using the shares. |
| BABA | Physical settlement of prepaid forward contracts using Alibaba shares was completed. An investment loss of ¥169,881 million was recorded due to a share price decline from the beginning of fiscal 2025 to the time of the physical settlement. The carrying amount of Alibaba shares decreased by ¥1,015,606 million, bringing the balance at the fiscal year-end to ¥9,498 million. This was primarily due to the physical settlement of all prepaid forward contracts using Alibaba shares. Derivative financial liabilities related to prepaid forward contracts using Alibaba shares decreased by ¥551,943 million ($3.69 billion) due to the physical settlement of all such contracts. |
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