Adam Xie

Key Takeaways: SoftBank is a holding company whose current assets primarily consist of Arm and OpenAI. As of the end of June 2026, the company disclosed a net asset value (NAV) of approximately $472 billion converted at current exchange rates (original disclosures were denominated in Japanese yen; all figures below are unified in USD). In its financial reports, Arm is the largest asset, and OpenAI is the second largest. With OpenAI's rapid growth and impending IPO, our focus on SoftBank has increased significantly. As a strategic investment holding company, NAV is a more appropriate valuation metric for SoftBank than P/E or P/B ratios. As of the end of June 2026, the company held assets valued at approximately $543 billion, with net debt of about $70.6 billion and a NAV of around $472 billion. Among these, the adjusted value of Arm was approximately $326 billion, SVF2 was about $126 billion, SVF1 was about $23.5 billion, and SoftBank Corp. was approximately $182 billion.

On September 2, Google released Gemini 3.8 Flash. This marks the third release in the Flash series in the past six weeks, focusing on enhancing reasoning, coding, and agent capabilities. Notably, by contrast, the flagship Pro series has gone roughly six and a half months without an update since the release of Gemini 3.1 Pro on February 19. From the evaluations of model capabilities, 3.8 Fla... Over the past few years, the central question in the large model competition was who could build the most powerful model. However, this competitive logic is changing. The reason is that as model capabilities continue to improve, an increasing number of real-world tasks have crossed the threshold of "whether the model can complete them." For highly complex scientific research, coding, and long-horizon agents, model capability still holds significant value; but for a larger volume of low-complexity tasks, models from 90...