- SoftBank’s Vision Funds rebound with $4.6B annual gain after losses.
- Arm investment boosts profits despite $369M quarterly loss.
- Son eyes $100B for AI chip rival to Nvidia.
SoftBank’s Vision Funds have regained their footing, posting an annual gain of 724.3 billion yen (US$4.6 billion) in the financial year ended March 2024.
This remarkable turnaround follows a staggering US$33.8 billion loss during the previous fiscal year.
Portfolio tetris
Contributing to the positive results were gains from investments in chipmaker Arm and other SoftBank subsidiaries.
However, the two Vision Funds, including the LatAm funds, reported a US$369 million investment loss for the March 2024 quarter.
The funds simply offloaded US$22 billion worth of investments, exiting 17 portfolio companies entirely, including Arm. A classic case of out with the old, in with the new!
AI ambitions go stratospheric
Overall, SoftBank Group reported a net income of US$1.3 billion, a remarkable reversal from the US$5 billion net loss in the prior financial year.
But that’s just the tip of the iceberg! Founder Masayoshi Son is steering the conglomerate towards an AI-centric portfolio, reportedly considering raising a stratospheric US$100 billion for an AI chip venture to rival Nvidia.
Meanwhile, subsidiary Arm is gearing up to launch AI-powered chips by 2025, proving that the future is now!
To read the original article: https://www.techinasia.com/softbanks-vision-funds-post-annual-gain-46b-fye-march-2024
