SoftBank Group reported first-quarter profit that topped analyst projections on Thursday, driven primarily by significant gains from Intel and ByteDance investments, even as contributions from OpenAI were absent during the period, amid investor attention on the company’s large-scale bets on AI and their impact on company finances.
Net profit for the April–June quarter reached 347.3 billion yen, representing an 18% decline from the previous year, yet surpassing market forecasts. The primary driver was a 1.3 trillion yen gain linked to SoftBank’s holdings in U.S. chipmaker Intel, whose share price has experienced a sharp increase over the past year.
SoftBank made a major investment in Intel in 2025 as the company underwent restructuring. Meanwhile, Vision Fund holdings also benefited from a $2.2 billion uplift in the value of ByteDance, contributing to a segment gain of $1.7 billion.
Spanning investments from OpenAI to ByteDance, the Vision Funds division delivered a profit of 5.4 billion yen for the quarter, down from 451.4 billion yen the prior year. SoftBank stated that it did not realize any valuation gain or loss on its OpenAI stake during the period, in contrast to the previous quarter when OpenAI drove nearly $20 billion in profit.
Overall, SoftBank’s first-quarter net investment gains totaled 1.86 trillion yen. The company’s AI computing segment—which includes chip firms Arm, Graphcore, and Ampere—posted a loss of 200.8 billion yen, wider than the same quarter a year ago due to higher R&D expenses.
With increasing attention on global AI investments, SoftBank’s exposure and anticipated returns in this sector remain a central concern for shareholders. The firm’s net asset value peaked at a record in June but dropped to 58.3 trillion yen by early August. SoftBank’s share price has declined roughly 34% since June’s peak, reflecting investor caution regarding future funding and portfolio concentration in AI leaders.
SoftBank’s total commitment to OpenAI stands at over $60 billion, accounting for an estimated 13% ownership. The company also agreed to a $10 billion loan using its OpenAI holdings as collateral.
Further large investments—totaling $28.5 billion into OpenAI, ABB’s robotics division, and DigitalBridge—are planned for the latter half of 2026. The outcome of these ongoing investments, and the timing of OpenAI’s potential initial public offering, remain key factors influencing SoftBank’s financial outlook.
