Thank you very much for joining our earnings announcement today during your busy schedule. I would like to update you with our one full year results.

When we announced the third quarter announcement, I remained seated and make a presentation. I still have some in a recovery process for my knee, let me stay seated for the presentation.

Thank you very much for your understanding. For this year, Masa and together with us actually made every effort, and I believe we were able to make quite a good results and outcome.

Market and environment, which you all know, that AI became even bigger buzzword making a influence to the variety of places and segments and industry. You see influence becoming bigger and stronger, and that is actually creating a good expectation as well as a risk consideration as well.

I understand there are many discussions taking place here and there. From the SoftBank Group's point of view, we made quite a good capital-intensive investments in the big AI infrastructure, and now we start seeing the physical AI actually utilized in practice.

At the same time, AI agent real full-fledged execution is now discussed at the same time. Also, sometimes this AI service can be replacing existing or traditional business in some extent, and at the same time, it may create the materializing the risk which has not been seen in the past.

Our vision based on all those circumstances, we aim to become the number one ASI platform provider. Now that we are continuing our journey, and this was kind of a starting year for this fiscal year.

We have shared this slide in many occasions by me, myself and Masa himself, and there are four major pillars when it comes to ASI: AI model, AI chip, physical AI, and AI infrastructure. Here I would like to share that how we've been developing in these areas.

Especially, I would like to highlight those two, which is AI model and AI chip. For AI model, we have invested in OpenAI, and at the same time, they've been making a good growth as we expect.

We've been having a good discussion when it comes to strategic collaboration. That is another good benefit in terms of increasing our knowledge in AI.

For AI chip, of course, this is the main focus by Arm, and recently we saw market cap very near to the record level, $221 billion. For AI model, let me deep dive here.

In October this year, once that we finish all those investments that we committed, that's going to lead us to $64.6 billion, which will be nearly ¥10 trillion under the current Forex. At the same time, we've been expanding strategic collaboration with OpenAI.

For AI chip, which led by Arm, of course, Ampere is going to be in this section. The biggest move that Arm made was to announce first in-house CPU chip recently.

Also, we have completed the acquisition of Ampere, which I would like to touch on later pages. Also we have Jason, CFO of Arm, if you have any questions, please do not hesitate to ask any questions to him.

Physical AI, this is actually a long history in us. Pepper, you may recall, were the humanoid robots that we started with.

Physical AI section has several good portfolio companies of which about 20 of those portfolios has been covered together under Robo Holdings. In addition, as we announced, we have announced the acquisition, the major robotics company, ABB Robotics business.

In coming few months, we expecting that we will be able to close this acquisition transaction, and that can be another good strength for our physical AI segment, and that can be a great value added to our group. Last but not least, AI infrastructure, which is led by SB Energy in United States, this entity is leading a main role.

Also we announced the major Japan-U.S. public-private project, which is the Ports Technology Campus, which is a symbolic project for this AI infrastructure segment.

Not only this project, but we also looking at the development of further data center sites led mainly by SB Energy. We're looking forward to have a further development and the progress of such projects.

With these efforts, how has that been contributed to our numbers? Here, profit, actually highest ever, ¥5 trillion level in net income.

This net income, as far as we understand, we believe this is highest-ever profit in Japanese corporate history. From the net income highest ever back in 2020, we achieved ¥4.9 trillion.

That was the highest, and this time we were able to exceed that number. In addition, when you see to enterprise value, actually this is even more important indicator than P&L, which is net asset value.

From our assets held less net debt, and here we are looking at ¥40.1 trillion for the net asset value for this quarter. Latest number pro forma basis, actually as of this morning, on estimated basis, ¥47.7 trillion.

That's a net number, this is after less net interest-bearing debt. Consolidated results: net sales, gain/loss on investments, income before income tax, and net income in all segments, we were able to made a significant growth across all profit measures.

As on the key performance indicator, net asset value, as of the end of March this year, ¥40.1 trillion. The latest number pro forma basis, about ¥48 trillion.

The loan-to-value, which is net debt divided by equity value of holdings, 17.0% as of the end of March. Again, when you look at the previous year-end, actually making an even improvement even after the bigger investments that we have made.

The pro forma based latest number, I would say 15-ish 15-ish percent. The balance sheet moves around, this is just for your reference.

As of March end, I can say we've been improving actually since then in terms of loan-to-value. Cash position, as on financial policy, we always like to maintain our cash position to cover two-year equivalent of the bond redemption, and actually this covers even more than that.

As a result, it comes to ¥3.5 trillion for the cash position as of the end of March. Now, let me touch upon major contributors to the financial results.

First, Arm. Again, they announced first in-house chip.

There were some rumor in the past, but officially announced in March a first in-house chip. Also they had the record-high market cap.

Since listing, their market value was $52 billion. It's been growing for over four times over the last less than three years.

In terms of revenue, they have been increasing revenue year on year, and FY2025 in Japan calendar, they recorded $4.9 billion or up 23% year on year. They have been growing very steadily.

As you can see on the slide, left-hand side, in a cloud market, they have gained more shares: AWS, Microsoft, Google, they used Arm's CPU. On the right-hand side, in the area of CSS, or compute subsystem, which has a very high margin since they have capability to deliver combined technology, which allows customers to develop on their own very easily.

Again, in CSS area, they have been growing, and they have acquired up to 23 contracts, including Microsoft and Samsung. In terms of EPS, again, they had a record-high EPS.

They have spent a lot in R&D for their future growth. However, the revenue offset such R&D expenses, and they are able to hit the record-high EPS.

Let me remind you why Arm is strong. As you can see, Arm provides IP license to semiconductor makers.

They have a business model to deliver a source of the semiconductor industry. Without Arm, the industry wouldn't stand.

They have a compute platform most popular in the world. Total chips ever shipped is over 350 billion.

Global population using products or services, percentage-wise, 70% of the people in the world use Arm in any way. There is a huge developer community based upon Arm's technology to develop varieties of semiconductors.

In fact, 22 million developers are making use of Arm technology. Arm is leading the whole industry.

Like I said, they announced the first in-house CPU chip. They provide licenses and royalty to customers traditionally, on top of that, with the in-house CPU chip, they are going to deliver more.

Let me show you a short video clip, Rene talking about the background why they decided to build their CPU chip. In the last number of months has been this explosion of agents.

As we move to agentic query, the number of tokens per human go up by 15x, if not greater. The data center is choking.

These accelerators, which are very expensive, that generate the tokens, now need to send those tokens back through the cloud. What you see is a huge bottleneck now.

What does that mean? You need more and more CPUs.

That's why they decided to offer most efficient agentic CPU in the world, or Arm AGI CPU. They developed Arm AGI CPU with Meta, and there are launch partners supporting them, including OpenAI.

Those major brands are supporting them, and they have been communicating each other. Based upon the new business model, how Arm's financial performance is going to look like: announcement was made in March, and like I said, their revenue in FY2025 was $4.9 billion, but in 2030 or in five years, they're expecting to hit five times bigger revenue.

Also, EPS, they expect five times bigger EPS over the next five years. Arm is ready to hit those numbers, and from profitability perspective, they have already have an IP business which has high margin, and with this a chip manufacturing Arm, I think is going to draw a new growth story going forward.

Now let us go into the OpenAI slides. There are three highlights for OpenAI, I believe.

First, valuation compared to a year before, which was $260 billion in March 2025, and became $730 billion. Investment amount in fiscal 2025, as of the end of March, $32.4 billion has been made in OpenAI.

From April to October, over three times, that in total we will be making a follow-on investments of $30 billion, and that has already been agreed. The first tranche in April, $10 billion, has been already paid.

This is the OpenAI valuation movements. At initial investment in OpenAI, back in September 2024, back then, OpenAI valuation was $150 billion.

Last year, we had additional investments of $30 billion. At that time, when we made a commitment of $30 billion additional investment, valuation was $260 billion in March 2025.

After then, they had financial round, another financial round, and this February in 2026, we made a follow-on investment commitment. That moment, valuation was $730 billion.

Since the initial investment, it took about two years and a half and actually made about five times of the valuation. I assume you are also a good user of ChatGPT and the service that provided by OpenAI that you've been experiencing.

I think that you can understand why they're making such a great growth in valuation. Also this is the investment amount in OpenAI: $2.2 billion in fiscal 2024, last year $32.4 billion, and additional follow-on, additional $30 billion.

Total investment in October this year reaching to $64.6 billion. That moment, ownership will be somewhere around 13%.

Once again, out of $30 billion, $10 billion has already been funded in April this year as on the first tranche. This is a growth of the ChatGPT service.

These are the data that shared by and disclosed by OpenAI. Weekly active user here, 900 million-plus number of users are actually counted for February 2026, which is accounted for 15% of global internet users.

Also paid subscribers, it's over 50 million subscribers now. ChatGPT initially focused on the retail or the consumer market.

You've been seeing this numbers, but actually OpenAI has been also putting an effort in enterprise business, and they are accelerating this business as well. Right now, it's about 40% enterprise share of the total revenue, and that is expected to be 50% by the end of 2026.

As a result, consumer business and enterprise business will be about the same size. That's how we see around the end of this year.

Also paying e-business users as of this April that they have already reached and exceed 9 million users. A coding agent, as you can tell that the coding is a very complicated task, and this agent execute complex coding tasks on behalf of you or for you, and that actually creates a great productivity.

How much people actually using, this is only in four months, and this number of users are in 10 times. That this growth is tremendous, and that's something that is happening in a coding area.

Compute is the foundation of AI evolution. You need more compute, and with having more compute, you will be able to have more intelligent models.

Once you have a more intelligent models, that leads you to more intelligent products, and that actually fast adoption and more revenue and more cash flow. That's how we've been seeing wider range of the use case in AI.

Access to compute is a strategic advantage. Also compute is provided with multiple partners, but that doesn't comes to you overnight.

You do need a good preparation, and you do need a strong partners, otherwise you cannot really have an access to compute. In OpenAI, having chip vendors like NVIDIA, Oracle for data centers, or cloud providers such as Microsoft, having a great relationship and partnership with those companies, as a result they'll be able to create such a infrastructure and having an access to compute.

They are in the process of such a development of further advantage for the company. Now on to Vision Fund.

Actually, it is showing quite a good number this time that we are happy to share with you: $45.7 billion as on cumulative investment gain compared to the year over year, that's additional, an incremental of $46.2 billion. Cumulative investment gain is also becoming a positive number.

This is the actual cumulative investment gain and or loss from the Vision Fund segment point of view and actually made a significant improvement: $24.2 billion incrementals for Vision Fund 1 and $21.8 billion for Vision Fund 2. Since 2022-2021 that they made a significant increase, and after then that actually they made a great recovery compared to at the time of the 2020.

The Vision Fund 1 actually is making a steady growth. Of course, in portfolio, some of them are doing good because of several factors, especially for those public securities, there are some companies that having some slowdown on the share price increase, but each one of them has their own reason.

As far as we understand the reason, I believe that we can understand and at the same time, Vision Fund 1 will be able to see and manage leading to the best monetizations for the fund as Vision Fund already finished its investment period. For Vision Fund 2 on your right-hand side, needless to say, OpenAI's contribution is large.

These numbers, as OpenAI is still the private company, but at the same time, we will be expecting some exit stories going forward for those portfolio companies, including IPO or divestments, but the Fund 2 still have a good investment periods. We would like to look forward to see a good growth of those portfolio companies, including OpenAI, for the future.

Here's cumulative investment return. You see in respectively in Vision Fund 1 and Vision Fund 2 actually making a good growth.

For Vision Fund 1 on your left-hand side, it is making a good investment return. $72 billion has been already exited, and on your right-hand side, Vision Fund 2, cumulative investment return, $119 billion, making a good recovery here as well.

The public listings and pipelines for Vision Fund is shown on this slide. Fiscal 2025, seven listings has happened, which include PayPay, which was a quite a large size of the IPO, and we are very happy to have them in this list.

Cumulative since inception, 62 listings has been happened. I believe this is quite a good numbers from the IPO results point of view.

On your right-hand side is a late-stage portfolio. Fair value, total fair value is also growing, $118 billion compared to last year March, $81 billion incrementals.

This again having a big contribution from OpenAI, but also there are other contribution from ByteDance, Fanatics. There are also quite a good companies that we are looking at.

PayPay, as I mentioned earlier, March 12th that they went to a public in NASDAQ market. Market cap, $12 billion.

This was the largest Japanese corporations listed in United States. I'm also a member of the board of PayPay, and they actually started from the scratch and came to this way to the IPO and also making a big IPO, which is quite impressive journey that they have gone through.

Of course, Masa has a quite a passion in it, and I believe his founder entrepreneurship actually led to this results. As a group, we are very motivated to see that these companies of our group is making such a great growth.

PayPay operation is actually doing pretty well as well. Number of registered users exceeded 73 million, it's used by more than one in two people in Japan and more than two in three smartphone users in Japan.

GMV also making a very steady growth here, which exceeded ¥19 trillion. The payment or cashless payment market is about ¥160 trillion size.

So ¥19 trillion GMV means actually accounts for 12%, I believe that is making a quite a good share that PayPay has right now. The share price, it's too early to tell because they just went public, we do need to follow several years over.

Since the IPO, they are making a good progress so far, which is also another happy news for me. Now let me talk about AI infrastructure.

This is the highlight in AI infrastructure back in March. We announced world's largest integrated power and data center campus in Ports Technology Campus, Ohio.

Masa is in the middle of the picture together with Commerce Secretary and Energy Secretary of the United States. This is a large-scale public-private AI infrastructure project involving the American Department of Energy, Department of Commerce, SB Energy, and AEP Ohio, which is power company like Tokyo Electric Power or Chubu Electric Power in Japan.

Again, this is a public-private project. In terms of power, capacity of 10 GW.

Engine is gas. The mega data center, which is required by AI, needs such huge power.

10 GW is equivalent or exceeding metropolitan Tokyo's average power demand, tremendous capacity. From data center perspective, the capacity of 10 GW is, to give an idea or to put into perspective, this level exceeds the combined installed data center power capacity of the UK, Japan, and South Korea.

So 10 GW in power and 10 GW for data center, as you can see, this is a huge project, first of its kind in history. At the groundbreaking ceremony, Masa said that this project would stimulate the whole industry and accelerate innovation across every aspects of our lives.

This will become the center of a super intelligence. This vision is shared with American government, and obviously Japan is involved in this project.

I think everyone is on the same page, which is to strive for becoming the center of artificial super intelligence in the future. We'd like to make this project success, and we want to grow together with this kind of huge project not only for our group, but also we hope that growth of AI will make people in the world happy.

We have an SB Energy in our group, and let me remind you why this company is strong. SB Energy is a U.S.

entity, and they have a capacity or capability to develop data center and power combined. They have a great track record.

For example, in terms of data center, this is a AI data center in Milam County in Texas. The construction is underway, and capacity is 1.5 GW, and tenant is an OpenAI, which signed an agreement for over 15 years.

Also, SoftBank Energy or SB Energy started from the power business. In terms of battery storage and solar energy and combination of battery storage and solar energy, they have great past record like in Nevada in the U.S.

Not only in the U.S., but also in Japan, SoftBank KK had an announcement of their financial results earlier this week, again, they have started working on data centers in Japan, and those include Tomakomai in Hokkaido and Sakai in Osaka. SoftBank led by Mr.

Miyakawa is working and building those huge data centers in Japan. Now let me move on to physical AI.

What is physical AI? Robots and driverless cars.

Physical AI allows those autonomous-type of robots to recognize and understand what's happening around the world to execute complex tasks, which is the key for future growth of AI. Let me give you highlights.

First, we brought together about 20 robotics companies under Robo Holdings, and also we announced acquisition of ABB Robotics business. With regards to Robo Holdings, from our entity's perspective, previously, we started investing in those business through Vision Fund.

With that, Robo Holdings shareholders are SoftBank with 58.7% ownership and SVF2 with 41.3% ownership. Agile Robots, Skild AI, SoftBank Robotics, AutoStore, those are the portfolio companies under Robo Holdings.

By the sectors, left is autonomous mobility or automatic driving or autonomous driving. Those are the companies developing those technologies.

Wayve is included. I believe that we showed a video of Wayve technology in the past, and Wayve has been making tremendous growth, and also Nuro is one of the portfolio companies in autonomous mobility sector.

In the middle is automation infrastructure sector like warehouses or sorting at warehouses or robots to do the works and system to let robots work. Those are the companies developing these technologies.

On the right-hand side is robotics, and in the future, humanoids will be included in this area. They have started their businesses in their respective areas with their respective expertise.

We have invested in startups, but even though you call them startups, they have grown significantly already. From a valuation perspective in the latest round, for example, Skild AI valued at $14 billion, Wayve $8.6 billion, Zipline autonomous drone technology developer valued at $7.6 billion, Nuro, they announced auto-driving system program valued at $6 billion.

Size-wise, they can be called unicorn. They have grown dramatically, and we have been investing in those portfolio companies through Vision Fund 2, and they are entering into the next stage.

I mentioned tremendous recovery of Vision Fund performance, and obviously OpenAI contributed a lot, but that's not the only story behind the significant recovery of SoftBank Vision Fund 2. ABB Robotics business, we are expecting to close acquisition by end of 2026.

This slide shows key strengths of ABB Robotics. They have a presence in over 50 countries with 7,000 employees and 500,000 robots, and their human resource and talents are amazing, and they have capacity of 100,000 units per year, that's production capacity, with three sites.

From R&D to manufacturing and sales and service, they have an end-to-end capability. Traditionally, we often invest in smaller startups, but ABB Robotics has already built a strength and foundation together with such a strong, robust business.

We should be able to expect a lot more for the physical AI. Last but not least, financial policy.

Before I go into that, because we are investment company, let us also share with you the investment amount so far. Back in fiscal 2023 and fiscal 2024, we actually were kind of slowing down in investment activities, but after the COVID, we were pretty much slowed down, but last year, mainly driven by OpenAI investment, we have invested about $44 billion.

This year, what we have already decided so far is the follow-on investment including $10 billion that we have executed, $30 billion in OpenAI, and ABB Robotics $5.4 billion. End of December, DigitalBridge acquisition was announced last year, this payment is coming sometime later this year, which is expected to be $3.1 billion, in total commitment-wise, $38.5 billion has already been decided.

That's the amount we are looking in our investment capital plan. As a bridge facility-wise, $10 billion has been secured, and we will be switching to the permanent finance after the one year.

As a takeout-wise, as you look at the size of our net asset value somewhere close to ¥48 trillion, and majority of them are the public securities, we believe we have quite a good source here to be able to flexibly choose the best takeout finance with no rush. No change in the financial policy, and this is the most important thing for us.

In AI era with a lot of growth here and there, Masa has a lot of things that he wants to do, management's also like to do many things, but we do need to manage and have a discipline. That is why that we have this financial policy: to maintain our loan-to-value less than 25% and also maintain our at least two-year worth of bond redemptions in cash position.

Keeping these financial policy actually rules our investment amount. As an investment company, we do not set the budget for the investment, but always like to make sure that our company is safe and sound.

In another way to express that, this is a financial policy which rules our investment amount, which is very easy to understand, I believe, but also it's the most important policy for us. Keeping this policy makes us a best relationship with our stakeholders, including shareholders, bondholders, and others.

For them, we'd like to live up to their expectations under such a financial policy. Hereon, we are still looking ahead over the next 30 years because the AI revolution just launched, just started, and we aim to be at the center of the AI revolution, and we want to be the company worthwhile to be the center of the AI revolution and needs to think about what we need to be doing, what needs to be done, and that leads us to the objectives or our goal.

There are many things that we needs to do, but we would like to do it one by one. With those four pillars are the main focus for us, and not only this, but at the same time, we would like to do many things that are interesting for the company.

Our journey has just begun. Together with AI revolution, I think that the journey has just begun.

Here we are lined up. We are the kind of a financial-side people, but our role is to make sure we synchronize together with the management strategy so that we'll be able to seek for maximizing our enterprise value with safe and sound financial base.

That's our role here. Every quarter that I hope we'll be able to make such a safe and sound financial report updated to you.

That is all from me. Thank you.

Now we'd like to take questions. First, we'd like to take questions from the floor.

Please await for the microphone and start with your name and the company. For those participating online, please access Zoom using the instructions provided in an email sent to you in advance.

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We'd like to take up to two questions per person so that we can take questions from as many people as possible. First, from the floor.

Yagi from Nikkei Newspaper. OpenAI is at the great financial results, and you plan to invest more in OpenAI, I believe.

I wonder if you remain confident in OpenAI's growth, and are there any plans to invest not only OpenAI, but also other companies similar to OpenAI, or you rather focus solely on OpenAI?

Thank you for a question. We are open to any possibility.

We have a strong relationship with OpenAI to move GenAI going forward, and in this sector, OpenAI has quickly gained market share. There are great competitors with great services.

I'm sure that they are going to have more users coming in, which is good, because the value of the sector or the industry is not determined by only one company. A value of an industry should be determined by a lot of players competing each other to pursue better and delivering their service offerings to as many customers as possible.

A lot of strong players, I hope that OpenAI will grow together with those strong players in this space.

Thank you. Second question is about Stargate.

Could you give us an update on the Stargate? You talked about Texas in your presentation, and in Ohio.

In Ohio, I believe that this is for making equipments for data centers, and Texas, if you could give us any update on how much you have built so far, and if there are any other locations on which you can give us any update?

Yes, this Milam County in Texas, the construction of this data center is going well at very good speed, and they already have a tenant, and this is a part of Stargate big project. Definition of Stargate project has been evolving, which I communicated to you before: OpenAI, SoftBank, and Oracle are involved in the data center project, and we have not announced yet, but they are working on preparation and researching and developing in different locations.

Once we are ready, we should be able to communicate with you accordingly.

If I may ask you a follow-up question, like one in Pipe [Pipedon?] , which is outside the Stargate project scope.

While you work on Stargate, also outside the Stargate scope, do you have any plan to work on data centers in different locations?

Definition of Stargate, I think, is rather flexibly considered, if I may put into that way?

Thank you very much.

Then next question, in the front row on the right. Suga from Nikkei Newspaper.

I also like to ask you about OpenAI. You as an shareholder, I believe you are also talking to their CFO Sarah, and regarding IPO process, what kind of communication have you been having with her?

From the investors' point of view, not only us, that's something that we have high interest, but that's the question that they should be answering, I hesitate to make any comments about that.

Understood. Another question from me: loan-to-value.

Since April that you've been also making an financing action as well. What is latest number, and what is your outlook for the loan-to-value?

As of the end of March, 17% is a loan-to-value that we have, which I shared with you earlier slide. Latest, I assume it's about 15-ish percent, but there are many things that are moving around, this number is pretty much estimate for the record.

Since March end to mid-May, our net asset value actually moving, increasing by ¥8 trillion or so, so that's another advantage in terms of the loan-to-value. Net asset value, I would say ¥48 trillion level, which is record high in terms of the sound and healthy balance sheet point of view.

That's how we've been having a diversification of the financing activities. Like a takeout facilities for the bridge finance, we have a one year or so, in the meantime, we would like to find a best mix of the financing options so that we'll be able to achieve our objectives.

Any other questions from the floor? Asamura from Nikkei Business.

I have two questions. First, about finance.

At the moment, you plan to invest $38.5 billion for the year. With regards to financing, I wonder are there options like a margin loan or bond issuance, but I wonder margin loan using OpenAI shares, is that something that you would consider?

Yes, a financing with OpenAI's assets like a margin loan is possible. We could do that.

How best we can finance, I think depends on timing. Like I said, we consider as a part of takeout, depending on market environment and timing, we will select options accordingly.

OpenAI value is about ¥10 trillion of asset, and I think we should be able to leverage that very well.

The second question is, I think about three months ago, when you made an announcement of financial results last time, a lot of people are talking about concerns of you are super dependent on OpenAI, but it's been different. Volatility is high.

I wonder if there are anything that you are doing to address volatility.

I think important thing is to have a long-term view, and if you are confident that this is what you need, you don't want to be influenced by short-time volatilities. That's true to our portfolio companies, and that's true to data centers.

There are a lot of opinions on those data centers or portfolio companies, and in the mid- and long-term run, do we really need them? If you look at data center, for example, definitely, obviously, demand well exceeds supply.

That's something that it's worth working on. Even though there are some concerns due to volatility, I think it's worth trying in data center sector, for example.

Currently, discussion is focusing around infrastructure when you say AI or data center. Technological evolution is very key.

For example, data center, it may cost ¥1 trillion now, but in few years, it may cost a half, just an example. The power generation, like a nuclear fusion technology, once it's implemented, the cost would be dramatically different from now.

On the other hand, if you sign a long-term lease at a certain fixed power cost, there is a risk.

Risk factors are something that we have been considering for long time, and infrastructure is needed, or is it needed, from business perspective, which we believe is needed. Project owner should have an eyes and capability to structure a project finance.

Thank you very much. Any other questions, please?

Then

second row from the front, please.

Makino from NHK. Bit redundant from the previous question, but these days AI news, when you look at that, Anthropic and Meta's are actually picked up by the news compared to OpenAI these days, that's how I feel so far.

Goto-san, you are making a huge investment in OpenAI. Do you feel any concern or any risk or maybe including the technological competitions, but do you feel any concerns by only investing in OpenAI now?

I myself is a finance guy, not a engineer guy, I may not be able to fully answer your question. Of course, the investment size is large, but having said that, our ownership stake is 13%, meaning there are many other investors.

For example, the latest financial round, Amazon, NVIDIA, they are also investing large amount. We are not the sole risk-taker from financial point of view putting everything in OpenAI.

That's not the case. Actually, there are many hyperscalers also acknowledging and valuing OpenAI's service quality or their level of the technology, I think that's something that you should also refer to.

Meta's, Anthropic, I do understand there are such a discussion there, but AI itself is a new segment, there are many competitors, many players coming in even after this, I believe. Those can be the risk for the company, but at the same time, we should pay attention to the direction of the discussions in terms of the use of AI by having a many players.

We don't want to see the misuse cases afterwards, those are the things that we should be discussing in advance, and that can be also involving the governments of the respective countries as well. That's the direction that we should be thinking.

Another question from me: so

just a confirmation, investment in Anthropic, do you still keep that option?

I don't want to say anything for certain, but our main investments in OpenAI.

Thank you.

Any other questions from the floor?

Hayakawa from Jiji News. One question: you exceeded ¥5 trillion for the first time as a Japanese company.

What's your view? What's your impression?

Number one in any area is great, but as I keep saying, market, share prices, we don't want to be influenced in short term by the moves. Again, we need to look at 5, 10 years ahead, and what should we do to keep this position going forward, that's something that we should more focus on.

Thank you.

I think that's all from the question from the floor, I would like to now take a question from the Zoom. To avoid audio feedback or looping, we kindly ask that anyone asking a question refrain from connecting to any live streams other than the Zoom webinar.

Once again, if you are joining the Japanese Zoom, please ask your question in Japanese. Nakagawa, TBS, please unmute and ask your question.

Thank you. TBS TV Nakagawa, can you hear me okay?

Yes, I can hear you.

Some media covered that SoftBank Group are planning to establish the company and try to have this company go public as a Roads AI. What is this company's role, and what is the progress of this company so far?

This is speculation coverage, I don't want to make any comments about that.

Understood, thank you.

Thank you, Nakagawa-san. Next, Masuno-san from Nomura Securities.

I have two questions. First to Jason-san: AGI CPU, the TAM of 2030, you said over $10 billion, AMD is $120 billion.

Personally, I think you could adopt $120 billion in terms of share, AMD in monetary value basis 50% share and your 15% share. I think they're both true because they have different CPUs.

In terms of market value, Arm is 1/3 of AMD, and AMD has also GPU, whereas you have CPU and Arm architecture. I think it's a good combination.

Then after 2030, your share, 15%, should grow further, I assume. Do you agree with me?

The $120 billion of TAM and market share 15% or more over 2030 and forward, what's your view on that, Jason-san?

In terms of investment into fabrication facilities, that's not something that Arm is doing. We do have a long-standing relationships with the fabrication companies, specifically TSMC.

The current chip that we announced just eight weeks ago or so, that actually is a committed volume via TSMC. There's also chances over time that we could work with Samsung, as well as IFS or Intel fabrication.

This initial chip, initial volumes right now are all going to be with TSMC, and that's through an ASIC partner. We're not making direct investments or expanding into fabrication ourselves.

Any other questions? Thank you very much.

Any others, please?

Thank you, Jason-san. Next question is to Goto-san about the data centers.

Milam County is 1.2 GW, and in Golden County, 1 GW were announced with SB Energy totaling 2.2 GW. In Ohio, 10 GW.

Total, I think $600 billion or ¥100 trillion is what I'm looking at. The building is only 1/3, maybe ¥30 trillion, and if equity portion is 20%, then it's about 20% of Arm's market value.

My question is, it's not a big number for you. Do you agree with me?

How to structure a finance is something that we need to study on more. Like Masuno-san said, such scenario could be true, that we have plenty of capacity if you go with that scenario.

Again, there are different ways of structuring a financing, and in terms of fixed asset or construction or chip and system, I think in different areas, different financing structure can be possible. It's not going to be only one-time big payment.

Maybe it's going to be a phased approach. Again, we want to be flexible from timing perspective.

Thank you.

Thank you very much. This concludes the Q&A session.

We'd like to conclude the SoftBank Group Corp. earnings results announcement for fiscal year ended March 31st, 2026.

Thank you very much for your attendance. The video footage of this meeting will be distributed on demand from our corporate website.

Thank you very much once again for joining the SoftBank Group Corp. earnings results announcement for fiscal year ended March 31st.