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SoftBank's profits exceed expectations with Intel support
SoftBank Group of Japan announced record profits in the first quarter of its fiscal year, with net earnings reaching 347.3 billion yen (approximately $2.2 billion), surpassing analysts' expectations of 120.23 billion yen, despite an 18% decline in profits compared to the same period last year. The boost came from significant gains on its investment in Intel, which generated 1.3 trillion yen from its stake after Intel's share price soared by 400% over the past twelve months. Additionally, the Vision Funds' investments, particularly in ByteDance, flourished, increasing in value by $2.2 billion, even as investments like OPI AI experienced declines. However, the AI and chip services division posted losses of 200.8 billion yen due to increased research and development expenses, raising concerns about the company's ability to fund its expansion investments—especially as its stock has fallen by 34% since June. Nonetheless, the company plans to further invest in artificial intelligence technologies, viewing this technological revolution as the biggest since the dot-com boom of the 1990s.
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