SoftBank(US:SFTBY) 证券时报·2025-09-20 15:17Core Viewpoint - SoftBank's Vision Fund is set to lay off nearly 20% of its workforce, marking the largest layoffs in venture capital history, as it shifts its investment focus towards artificial intelligence [1][2]. Group 1: Layoff Details - The Vision Fund, established in 2017, has a current scale of $157.3 billion, including its first and second funds and a Latin America fund [3]. - The fund peaked at 474 employees in March 2020 but has since reduced its workforce to over 300, with the latest layoffs occurring despite strong financial performance [3]. - In Q1 of FY2025-2026, the fund reported net revenue of 1.82 trillion yen, a 7% year-on-year increase, and a net profit of 421.82 billion yen, reversing previous losses [3]. Group 2: Strategic Shift to AI - The layoffs and shift towards AI investments indicate a move away from a previously diversified investment strategy to a more concentrated approach focused on high-risk, high-reward opportunities [5]. - SoftBank has been intensively investing in capital-intensive AI projects, including a $9.7 billion investment in OpenAI and acquisitions of top AI chip companies [6][7]. - CEO Masayoshi Son emphasized the importance of achieving Artificial Super Intelligence (ASI) and outlined four key areas of focus: AI chips, AI robots, AI data centers, and energy [6]. Group 3: Financial Position and Future Plans - SoftBank's substantial cash reserves, amounting to 4 trillion yen (approximately $27 billion), provide a strong foundation for aggressive investments in AI [7]. - The company has recently liquidated $4.8 billion from selling shares in T-Mobile to enhance liquidity for future investments [7]. - Despite the ambitious ASI strategy, progress on the U.S. Stargate project with OpenAI has been slower than expected, indicating potential challenges ahead [7].