SoftBank Group Corp. The 46th Annual General Meeting of Shareholders - June 24, 2026(Archived Video)

The number of golden eggs grew from 3 to 74. But eggs don't lay eggs — a goose lays eggs. The question is: who helped increase the golden eggs? That's what I want to ask again. Eggs do not lay eggs. The goose increased the number of eggs laid. The future value of the golden eggs was already calculated 16 years ago. The value of the goose was seen as zero, but I found the value of the goose, and history proves it was not by chance. When we were listed, it was 200 billion yen. I started this company with only 10 million yen, and we got listed at 200 billion yen. In 16 years, our value increased 15 times. The number of golden eggs was three, but then we grew by 25 times and now have 74 golden eggs. You have to look at potential eggs the goose can lay in the future, like AI data centers. Those are not seen yet, but they are inside the goose. You should not look only at the golden eggs in front of you. You have to find the value of the goose, because the goose has a capacity to keep laying eggs for 40 years. So you should be happy. You should be relaxed. But what about the future? It's been just half of the new 30-year vision. For the next 16 years, the target should be one quadrillion yen. I have to be brave enough to say this. Believe me, because if I'm wrong, people will criticize me. Since the foundation of SoftBank, whenever we have announced next year's outlook, we never missed the target. That's what I'm proud of. Whenever I say something, I will just do it, or I wouldn't say anything I don't have confidence to achieve. I think talking big is not a bad thing. When you have a big, long-term vision with a specific target date and numbers, and you imagine you have already achieved it — that's the power of vision. In the last 30 years, what's missing is big business leaders with big visions. Konosuke Matsushita, Soichiro Honda, Akio Morita — they all talked about big visions. But now major business leaders don't talk about big visions because they need to be brave enough. So again — one quadrillion yen, one thousand golden eggs. The group is the factory of golden eggs. Our role is to help the businesses that have potential to become golden eggs. We invest and nurture them, and then they go public, so leaders can be seen by analysts, get criticized, and stay motivated to grow further. Our absolute focus is on specific areas we identified — AI, for example — and we have built expertise over 40 years. The value of the goose should be seen as an upside — 74 plus alpha, which is the goose value. Maybe the value of the goose should be 900 trillion yen. So call me Son-gacho, not Son-kao, which is 'Chairman Son.' Joking aside, I know what role I should play. Some people may wonder if AI might be a bubble like the internet bubble. I think it's an insult to AI to call it a bubble, because it's just a beginning. AI's potential will be unlocked. In the third year of the internet revolution, if you could go back to when Google, Microsoft, Yahoo, and Amazon were still startups, you would have bought more shares. AI is still in its beginning, maybe three years old. AI and ASI will be coming, and we will control the four corners of the ASI board. At least in Japan, nobody else but me talks about that big vision. I will do it. I cannot be retired. Two and a half years ago, I lost my daddy. He fought against cancer and suffered pain. Cancer spread from his lungs to every corner of his body. I visited him every day. On the day he passed away, maybe two hours before, he was too weak to talk. I was with my brother, and we cried and screamed 'Don't give up!' to my father. He just opened his eyes and said a word: 'The tiger leaves behind his skin when he dies, and a human leaves behind his reputation when he's dead.' That was the last thing he said to me. When I was a kid, he often told me: 'You need to make money to live — I will do that in my generation. But don't live a life for the sake of money. You should live a life to make millions of people happy.' He said it to me always with tears in his eyes. I talked about goose and golden eggs, but I'm not doing this for the sake of money. Otherwise my dad would be mad. To make people happy — to make billions of people happy — that's what I want to do with AI and robots. I want to develop technology to make people happy. I want to create the AI revolution, ASI, to make people happy. Robots should help people suffering from disease. AI should educate people. AI should make people smile. That's what SoftBank is trying to achieve. Count on us. I really appreciate your support. I took too much time — I was too passionate. Thank you for your patience and listening.

As I mentioned in my presentation, of the four corners of the ASI board, one is ARM. The three other corners will be blooming from now on. In Ohio, like I said earlier, we are building data centers with capacity worth ten nuclear plants. The investment is big, but we also expect significant revenue — not only from Ohio but Milan, Texas, and other areas. Eventually in Japan we want to extend more. There are a lot of golden eggs being laid. It's been six months since we invested 300 billion in Intel. Right after the investment, a lot of criticism — why Intel? People were questioning what we were looking at. But in six months, Intel's market cap has grown five to six times, reaching the trillion level. In the world of chip foundry, TSMC in Taiwan is overwhelmingly number one. The second is Intel. The third is Samsung in Korea. Intel in the US is second, but there's still a big gap from the top. There will be more and more important roles for Intel. Apple, Nvidia, and other big names are signing or planning to sign contracts with Intel. That's why its share price increased five- to sixfold. So I answered three key presubmitted questions. Since there are a lot of shareholders here today, I would like to take questions from the venue. Yes, the quadrillion yen target should come much before 2040. I said one quadrillion yen 16 years ahead. I believe we can surpass that target earlier. I have confidence — that's why I said in front of you, I'll do it. Thank you. Yes, we have not officially announced yet, but in our existing factory, our physical AI robots have actually already started mass-producing. I think it's the very first in the world — AI has already started mass production of robots. I would like to make an official announcement when the right time comes. You will be surprised, but I will make it happen. So, you have free and paid ChatGPT. I use paid ChatGPT. I talk to ChatGPT every time. At least the paid ChatGPT I'm using has a long memory — based on past conversations, ChatGPT responds back to me. Even though I didn't tell it my name, ChatGPT correctly guessed: 'You are Masayoshi.' Whenever I talk to it recently, it says 'Mr. Son, it's not good enough' or something. As a serious conversation partner, ChatGPT is really helpful. And as an OpenAI company policy, they will not share your private information with others, so be reassured. That's a very important question, and I've been asking myself again and again. An outsider does not have a deep understanding, so I believe the successor should come from within our group. I'm not going to live 300 years. As a company, the corporate culture, vision, policy, and philosophy have to be repeated over and over by my successor and its successors. It's been 200 or 300 years since the Industrial Revolution, and this Intelligence Revolution will continue for another 300 years. The brain is the most important function in the human body, and for the next 300 years, the AI revolution will be at the center. That is where SoftBank is going to concentrate — to make everyone happy. This vision does not have to change. We would like a successor who can maintain these two important pillars. We have 2,000 group companies, meaning 2,000 candidates for my successor, and I hope they'll be competing to come out. Our rivals — if you were to imagine — would be the top 10 market cap companies. They have great capabilities, and most of them work on AI. We are much smaller in terms of market cap, which means we have tremendous potential. I believe we can deliver on those potentials — at least take control of four corners. It'll be easy to win the game if you start by taking control of four corners. Those companies are rivals as well as partners. Yes, I'll remember that. I'll keep that in mind. You know about Nvidia, AMD, and ARM. The strength of ARM is that ARM's power efficiency is tremendously good compared to Nvidia. In the first stage of AI evolution, Nvidia was number one in graphics. But in the second stage of AI, the agentic era, CPU plays a more important role. ARM is the world's number one CPU. ARM, AMD are good CPU players, and AMD copies Intel — like Pepsi to Coca-Cola. Intel and AMD consume a lot of power to run CPUs. Electricity and power is the limitation of data center capacity. ARM has twice the efficiency — you need only half the electricity to perform as well. ARM will be the absolute number one. That's why when we acquired ARM, the value was 3.4 trillion yen, but now it's 70 trillion — 20 times bigger. We paid a 40% premium to acquire ARM. Right after we announced the purchase, our share price dropped 40%. People said we were crazy. But I said: I look ahead 50 steps beyond. In my mind, I have a vision for 40 steps ahead. ARM will be the winner and still has potential to grow further. Maybe I should ask Rene to talk about ARM's strength, because Rene is CEO of ARM.

Always ready. I talk to Jensen over the phone or exchange emails almost every day, especially for these three years. He is amazing, and I believe we are best partners. Regarding Anthropic — it's not all of Anthropic's products, but a certain service may be temporarily suspended due to some security issues. A certain model of a certain company could be suspended temporarily, but AI as a whole will not be banned. We have to compete with each other, and I believe AI as a whole will not be banned, but some rules need to be made. Like when you drive a car, you're not supposed to drive drunk — you have to follow certain rules and discipline. Under those conditions, AI is possible to use. Do I remain as young as 16 years old in spirit? Definitely, as young as 16. I went to the US for the first time again. I'll make it happen — count on me. Well, at the end, I would like to take questions from the internet. The questions submitted online: regarding Patching as a Service — last week or so, we made an announcement together with OpenAI management. This Patch model is technology to identify cyber attacks, to protect against them. In order to identify cyber attacks, you need deeper understanding first. OpenAI and Anthropic developed this. Cyber attacks are getting more and more serious worldwide, and in order to protect companies and countries, this is our mission. Internet security companies will do this as their mission, plus they also need to generate revenue and profit. This business is also profitable — it's like total security. Services aligned with this kind of offering will be launched more. Which do you prefer — cash in front of you or future golden eggs? The future golden eggs can be reflected in share price growing two to three times. Dividends — we will continue to deliver those. But golden eggs and share price growth — we want to focus more on those as a return to shareholders. We need money to grow, but please be excited about the future return. Yes, we do. The Stargate plan is a partnership between SoftBank, OpenAI, and Oracle to enhance data center infrastructure. It's way ahead of schedule and under construction. For us, the data center for OpenAI, but also for other hyperscalers in need of data centers. Aligned with that demand, we would like to deliver our data center services.