SoftBank performance strengthens credibility of its AI vision

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{"text":[[{"start":8.93,"text":"SoftBank</sub> Group wants to build a happier future for all through artificial intelligence technologies. "},{"start":14.359,"text":"The Japanese tech investor has just posted its biggest quarterly profit in two years. "},{"start":18.939,"text":"That, combined with founder Masayoshi Son’s restraint in making risky investments in recent years, gives Son the cash and credibility to make a big bet on the next AI breakthrough. "}],[{"start":29.15,"text":"SoftBank</sub> reported net income of ¥1.18tn ($7.7bn) for the latest quarter, higher than expected and a sharp turnaround from a net loss of ¥931bn last year. "},{"start":41.429,"text":"The Vision Fund reported a gain of ¥373bn thanks to the rising value of investments in China and India. "}],[{"start":48.769999999999996,"text":"India’s equity markets have played a significant role in the fund’s gains. "},{"start":52.861999999999995,"text":"Indian stocks staged a record rally this year and are still hovering near their highs. "},{"start":57.254,"text":"A frenzy in the local IPO market has helped SoftBank, with companies in its portfolio including e-scooter maker Ola Electric Mobility and online retailer Brainbees Solutions listing this year. "},{"start":67.697,"text":"Food-delivery app Swiggy’s $1.3bn IPO, which will start trading this month, was subscribed more than three times, and should add a further boost for the current quarter. "}],[{"start":78.32,"text":"The turnaround for the Vision Fund should be welcome news for concerned investors. "},{"start":82.66199999999999,"text":"It comes after two straight years of large losses and a soft fiscal 2023 as valuations of start-ups in its portfolios plunged. "},{"start":89.967,"text":"That helps justify the surge in SoftBank shares, which are up nearly two-thirds in the past year. "}],[{"start":null,"text":"<div class=\"pic\"><picture><source media=\"screen and (max-width: 490px)\" srcset=\"https://thumbor.ftmailbox.cn/unsafe/980x0/https://d6c748xw2pzm8.cloudfront.net/prod/13c4ffc0-a0e4-11ef-9fbf-af917ff0bfd7-mobile.png\"><img src=\"https://thumbor.ftmailbox.cn/unsafe/1920x0/https://d6c748xw2pzm8.cloudfront.net/prod/13c4ffc0-a0e4-11ef-9fbf-af917ff0bfd7-standard.png\"></picture></div>"}],[{"start":96.13999999999999,"text":"Critics have long questioned the company’s haphazard investment choices. "},{"start":100.082,"text":"Its bets have ranged from hotel chains to co-working office company WeWork — a far cry from its AI ambitions. "}],[{"start":107.18999999999998,"text":"The good news is that SoftBank and the Vision Fund have been more focused on investments with a generative AI theme in recent quarters. "},{"start":114.08199999999998,"text":"These include a $500mn investment in OpenAI which closed in September. "},{"start":118.76199999999999,"text":"Chip designer Arm, which SoftBank owns about 90 per cent of, has benefited from the AI boom, with shares doubling this year. "},{"start":126.07899999999998,"text":"Arm accounts for about half the total equity value of SoftBank’s holdings. "},{"start":130.22199999999998,"text":"Meanwhile, a strong dollar has also helped boost earnings for SoftBank with a large chunk of its investments in US dollars. "}],[{"start":137.86999999999998,"text":"For now, excitement around AI infrastructure in particular remains strong, with AI spending in the US expected to reach $336bn in 2028, according to market research firm IDC. "},{"start":149.93699999999998,"text":"SoftBank</sub> may not be able to build a happier future for everyone. "},{"start":153.61699999999996,"text":"But if Son were to find the next big winner, he would at least ensure the happiness of his shareholders. "}],[{"start":158.59999999999997,"text":""}]],"url":"https://creatives.ftmailbox.cn/album/001104755-1731458593.mp3"}

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SoftBank performance strengthens credibility of its AI vision

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