美股IPO·2025-08-07 12:34Core Viewpoint - SoftBank Group reported a significant profit of 421.8 billion yen (approximately 2.9 billion USD) for the first quarter, driven by strong performance from its Vision Fund, particularly due to the recovery in tech stock valuations, especially Nvidia's stock surge [3][4][7]. Financial Performance - The Vision Fund achieved a profit of 451.4 billion yen this quarter, marking a substantial turnaround from losses in the same period last year [3][7]. - The fund's value increased by 4.8 billion USD, primarily due to a 46% rise in Nvidia's stock price during the quarter [3][10]. - SoftBank's net profit exceeded analyst expectations of 127.6 billion yen, marking the second consecutive quarter of profitability [3][4]. Investment Strategy - SoftBank's investment strategy has focused on key semiconductor companies, with Nvidia and TSMC being core holdings, leading to significant returns [10]. - The fund's performance was bolstered by the recovery of other listed companies, including Grab, Auto1 Group SE, and Symbotic [8]. - Investments in non-listed assets, particularly in Indian companies like Swiggy Ltd., also contributed positively to the fund's performance [9]. AI Initiatives - The recovery in profits supports Masayoshi Son's ambitious AI strategy, including the "Stargate" project in collaboration with OpenAI and Oracle, aiming to invest up to 500 billion USD in AI infrastructure [12][13]. - SoftBank is leading a 40 billion USD funding round for OpenAI and plans to invest an additional 30 billion USD [13]. - The success of the "Stargate" project and the management changes at OpenAI are critical factors for SoftBank's future evaluations [13]. Asset Management - To fund its AI strategy, SoftBank has been divesting non-core assets, raising approximately 4.8 billion USD from the sale of T-Mobile US Inc. shares in June and an additional 3 billion USD in August [14]. - This strategy has garnered some market approval, with analysts expressing cautious optimism about SoftBank's long-term prospects [15].