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<ul class="summary-list"><li>SoftBank is the first to buy Nvidia's Blackwell chips, the companies said Wednesday.</li><li>The chips will power a supercomputer in Japan.</li></ul>SoftBank Group is the first customer to use Nvidia's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-unveils-next-generation-ai-chip-blackwell-2024-3">Blackwell chips</a>, which will be used to develop an artificial intelligence supercomputer in Japan.The companies plan to build the system — which they call Japan's most powerful supercomputer — in early 2025. SoftBank said it will use the Blackwell-powered computer for generative AI development and as a resource for research institutions and companies across the country."Together we're going to build Japan's largest AI factory," Nvidia's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5">CEO Jensen Huang </a>said at the company's AI summit in Tokyo on Wednesday.The two companies also announced deals to provide AI services on 5G networks and to create an AI marketplace for local compute.The announcement highlights Japan's efforts to reclaim its place as a tech and innovation hub amid <a target="_blank" class="" href="https://asia.nikkei.com/Opinion/Japan-s-cautious-approach-to-AI-may-pay-dividends">lagging AI adoption</a>. AI is an especially big opportunity for Japan as it struggles with an aging society, <a target="_blank" class="" href="https://www.businessinsider.com/japan-struggles-four-day-workweek-culture-overwork-panasonic-worker-shortage-2024-9">labor shortages, and overwork</a>. In a statement, Nvidia said the supercomputer will help accelerate Japan's plans to adopt AI in telecommunications, robotics, and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-bring-ai-robots-to-hospital-2024-10">healthcare</a>.The partnership comes amid <a target="_blank" class="" href="https://www.businessinsider.com/aws-negotiating-huge-cloud-deal-supply-ibm-with-nvidia-gpus-2024-11">skyrocketing demand</a> for Nvidia's chips as companies and countries scramble to secure supplies to improve their AI capabilities. As one of the few players in this space, Nvidia has a stronghold on anyone looking to accelerate their business or economy using AI models.In August, Nvidia sparked worries that Blackwell chips would be delayed by two to three months, pushing shipments to the first quarter of 2025 instead of later this year. The delay would affect customers including <a target="_blank" rel="" class="" href="https://www.businessinsider.com/nvidia-big-tech-earnings-week-early-winner-ai-microsoft-2024-7">Meta, Microsoft, Google</a>, and smaller cloud firms. On an August earnings call, Huang promised that the company would ship out billions of dollars worth of Blackwell GPUs by the fourth quarter.With the world's biggest companies on Nvidia's customer list, SoftBank's procurement of the first Blackwell platform reflects Huang's relationship with the Japanese investor and its billionaire founder, <a target="_blank" class="" href="https://www.businessinsider.com/masayoshi-son-softbank-gambling-man-lionel-barber-technology-2024-9">Masayoshi Son.</a>Son was an early investor in Jack Ma's Alibaba and acquired European chipmaker Arm for $32 billion in 2016. He's going <a target="_blank" class="" href="https://www.businessinsider.com/softbank-masayoshi-son-jack-ma-bet-ai-2024-2">all-in on AI</a>, with investments across the world — including <a target="_blank" class="" href="https://www.businessinsider.com/softbank-results-profit-masayoshi-son-ai-bets-ipo-vision-fund-2024-11">in OpenAI</a>.During the summit, Huang laughed with and hugged Son. The Nvidia cofounder reminded audiences that SoftBank was once his <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-softbank-reportedly-plans-to-sell-its-stake-in-the-chipmaker-2018-12">largest shareholder</a> and that Nvidia would "not be here today" if not for Japan and its first AI supercomputer.Last month, Nvidia hosted a similar<a target="_blank" class="" href="https://www.businessinsider.com/jensen-huang-nvidia-ai-jobs-replace-summit-mumbai-2024-10"> AI summit in Mumbai </a>where Huang met with Indian conglomerate leader Mukesh Ambani to discuss the "extraordinary opportunity" AI poses for India.

SoftBank is Nvidia's first Blackwell chips customer. Here's what they're going to be used for.

<ul class="summary-list"><li>Indexes fell for a second day on Thursday as a huge week for tech earnings shows mixed results.</li><li>Meta and Microsoft slid after slight earnings beats, and Amazon and Apple are set to report after market close.</li></ul>Indexes slid on Thursday, heading for a second day of declines as big tech earnings fail to impress investors so far.The S&amp;P 500 and Nasdaq both slid, and the Dow Jones Industrial Average lost over 200 points shortly after the opening bell.The drop comes amid a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10?_gl=1*lobd5h*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDMxNTM4MS4zMzguMS4xNzMwMzE5NTU1LjYwLjAuMA..">packed week for earnings</a>, with several of the biggest tech stocks reporting third-quarter results.Microsoft and Meta reported earnings that beat estimates after the closing bell on Wednesday, but the shares of both tech giants slid on forward guidance. Microsoft declined more than 4% after it shared expectations for slower growth in its cloud business, while Meta shares lost over 2% after forecasting "significant" capital expenditures growth next year.Earlier in the week, <a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Google's%20parent%20company%2C%20Alphabet%2C%20released,AI%20products%2C%20the%20company%20said.">Alphabet's earnings</a> beat generated more enthusiasm among investors as CEO Sundar Pichai said the company's AI investments are "paying off."Investors are bracing for earnings from Apple and Amazon after market close today. They will be paying particularly close attention for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-q4-earnings-preview-wall-street-ai-fuels-iphone-demand-2024-10">signs that AI is driving iPhone demand for Apple</a>, especially after the company rolled out its iOS 18.1 update earlier this week, and they expect a <a target="_blank" class="" href="https://www.businessinsider.com/amazon-earnings-preview-aws-consumer-spending-retail-ai-project-kuiper-2024-10">strong beat from Amazon</a>.Meanwhile, the personal-consumption expenditures index, the Fed's preferred inflation gauge, cooled to 2.1% year over year in September from 2.2% in August. That marks progress toward the Fed's 2% inflation target, but the core index—which excludes food and energy prices—came in hotter than expected at 2.7%.Jobless claims from last week fell by more than expected to 216,000, a 12,000 drop from the week prior. Economists had expected claims to come in at 230,000.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,764.93, down 0.84% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,943.67, down 0.47% (-198.87 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,372.58, down 1.25% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">Arizona is the epicenter of the debate</a> about how mass deportations under Trump would hit the US economy. </li><li>Bringing manufacturing back to the US is a <a target="_blank" class="" href="https://www.businessinsider.com/us-manufacturing-production-boom-economy-made-in-america-trade-war-2024-10">$10 trillion opportunity</a> for the economy, Morgan Stanley says.</li><li>Stocks are gripped by <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-election-impact-trump-harris-economy-ai-citi-2024-10?_gl=1*1sq6l9x*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNjUyLjM3LjAuMA..">"near-euphoric sentiment"</a> and the election may offer a chance to pull back, Citi says.</li><li>Nvidia stock is undervalued because AI companies <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-undervalued-9-trillion-ai-spend-masayoshi-son-softbank-2024-10?_gl=1*l4g43y*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNzQwLjU5LjAuMA..">need to spend another $9 trillion</a> to achieve superintelligence, Softbank CEO says.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose almost 1% to $69.27 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.8% to $73.13 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose slipped almost 1% to $2,776.80 an ounce.</li><li>The 10-year Treasury yield rose two basis points to 4.292%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged up to $71,869.</li></ul>

Stock market today: Indexes drop as tech shares slide before Apple, Amazon earnings

<ul class="summary-list"><li>Indexes slipped on Wednesday led by a sell-off in chip stocks.</li><li>Alphabet rose after delivering a big earnings beat.</li></ul>US stock ended lower on Wednesday as encouraging tech earnings were eclipsed by a sell-off among semiconductor shares. <a target="_blank" href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet's</a> <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Revenue%20from%20Google%20Cloud%20grew,%25%20in%20after%2Dhours%20trading.&amp;text=Alphabet%20and%20Google%20CEO%20Sundar,investments%20were%20%22paying%20off.%22">big earnings beat</a> helped send its stock up almost 3% in the session, but major indexes fell as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-amd-smci-super-micro-stock-auditor-earnings-report-guidance-2024-10?_gl=1*1ys7uu1*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDMxNDE2OC43NzkuMS4xNzMwMzE4MDQ4LjYwLjAuMA..">chipmakers suffered losses.</a>AMD and Super Micro Computer led the rout. The former fell on weak fourth-quarter guidance, while Super Micro plummeted on news that its auditor resigned due to company concerns. AMD dropped almost 11%, while SMCI plunged 33%. However, investors have more big tech earnings to look forward to.Shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Microsoft</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Meta</a> traded higher as traders anticipated their <a target="_blank" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">financial results</a> on after the closing bell. <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Apple</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock?utm_medium=ingest&amp;utm_source=markets">Amazon</a> are on deck to report after the close on Thursday.Macroeconomic data released on Wednesday highlighted ongoing strength in the US economy, diluting concern that interest rates might need to drop quickly to propel growth.Third-quarter US real GDP came in <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10?utm_medium=ingest&amp;utm_source=markets">at an annualized rate of 2.8%</a>, driven by a strong consumer. PCE, the Federal Reserve's preferred inflation gauge, reached 2.2% — close to the central bank's target rate of 2%."This is excellent on the GDP, particularly when you look at the consumer spending," economist Claudia Sahm told <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-10-30/gdp-report-not-one-to-be-afraid-of-economist-claudia-sahm">Bloomberg TV</a>. "It's not just one quarter: we have now put together four quarters that are about three percent growth in consumer spending, inflation-adjusted. "The labor market also appears strong, as ADP hiring rose by its fastest rate in over a year. The data potentially sets the stage for another big nonfarm payrolls report on Friday, which will help inform the Fed's next move at its November 6-7 policy meeting. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,813.67, down 0.33% <a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,141.54, down 0.22% (-91.51 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,607.93, down 0.56% </li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-us-vs-canada-david-rosenberg-bull-rally-2024-10?_gl=1*w92gmg*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDMxNDE2OC43NzkuMS4xNzMwMzE1OTIyLjU5LjAuMA..">Top economist David Rosenberg says Canadian stocks look poised to outperform the S&amp;P 500.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-undervalued-9-trillion-ai-spend-masayoshi-son-softbank-2024-10?_gl=1*15nw6jj*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDMxNDE2OC43NzkuMS4xNzMwMzE2MDk0LjQ0LjAuMA..">Nvidia is undervalued as $9 trillion is still needed for superintelligent AI,</a> SoftBank's CEO said.</li><li><a target="_blank" href="https://www.businessinsider.com/us-manufacturing-production-boom-economy-made-in-america-trade-war-2024-10">US industrial re-shoring could be a $10 trillion economic opportunity,</a> according to Morgan Stanley.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil jumped 2.38% to $68.81 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 2.31% at $72.76 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> inched up 0.59% to $2,797.6 an ounce.</li><li>The 10-year Treasury yield stayed essentially flat at 4.282%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> eased by 1.43% to $71,786.57</li></ul>

Stock market today: Indexes slide as chipmaker rout drags tech ahead of key earnings

<ul class="summary-list"><li>SoftBank CEO Masayoshi Son's bet on AI seems to be paying off.</li><li>The Japanese conglomerate posted a $1.5 billion profit in its latest quarter.</li></ul><a target="_blank" href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-crisis-tears-for-days-ai-2023-6">Masayoshi Son</a> once branded those dismissive of artificial intelligence as <a target="_blank" href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-on-ai-doubters-being-left-behind-2023-10">a bunch of "goldfish."</a> Stuck in a bowl, they'd watch as the world around them finds new freedoms thanks to the technology.It's a bold view; but it's one that's starting to look like reality for the Japanese billionaire.<a target="_blank" href="https://www.businessinsider.com/softbank-masayoshi-son-ai-investor-presentation-2023-6">SoftBank</a>, the Tokyo conglomerate Son founded during Japan's boom years in the early 1980s, signaled that its all-in bet on AI was starting to pay off after posting its latest earnings on Monday.Despite an annual net loss of about $1.46 billion, the company posted a profit of about $1.48 billion for the first three months of 2024, capitalizing on profit momentum generated in the previous quarter.A key driver of SoftBank's gains over successive quarters has come from its stake in Arm Holdings.The UK chip firm, which SoftBank acquired in 2016 for $32 billion, has seen its stock price <a target="_blank" href="https://www.businessinsider.com/arm-ipo-ai-boom-chipmaker-softbank-2023-9">soar</a> since its September IPO as investors buy in to its fresh focus on AI.Arm, whose chip design is used by companies such as <a target="_blank" href="https://www.businessinsider.com/apple-siri-generative-ai-improvements-iphone-report-2024-5">Apple</a>, is looking to deploy its tech with AI companies, particularly those that service the highly intensive computing needs of generative-AI operators.<div type="image" title="Arm Holdings CEO Rene Haas" height="3458" width="5186" msid="111691665" hostid="261" sizebytes="387960"></div>SoftBank has benefited from this because it has a 90% stake in Arm, which has doubled in value to over $110 billion since the listing."Arm is central to our AI shift," Yoshimitsu Goto, SoftBank's executive corporate officer of finance, said on Monday. Soft Bank's net-asset value jumped 45% from its last quarter to $178.3 billion — driven by Arm's soaring share price.For Son, the profits could offer reassurance that he's on the right track with AI after years of hit-and-miss investments in other technologies through startup betting.Arguably the biggest investment flop for Son came from his <a target="_blank" href="https://www.businessinsider.com/softbanks-losses-on-wework-total-15-billion-2023-11">backing of WeWork</a>, the real-estate startup that filed for bankruptcy in November after once being valued at $47 billion.SoftBank has also had mixed success with a duo of venture-capital funds run out of London called <a target="_blank" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">Vision Funds</a>, which have sprayed cash at startups globally since 2017. Some of the funds' bets, such as those on pizza-robot and dog-walking startups, have since imploded.Son's critics have questioned whether the billionaire could ever replicate the success he enjoyed from a $20 million investment in Alibaba in 1999 that's <a target="_blank" href="https://www.businessinsider.com/softbank-masayoshi-son-jack-ma-bet-ai-2024-2">made him $72 billion</a>.But as the appetite for Arm's AI activities shows, SoftBank has room to grow in the face of this latest boom. Son seems aware of this, with the company selling down several Vision Fund investments in recent months to plow fresh cash into AI opportunities.There are still risks, however, as AI euphoria since ChatGPT's introduction in November 2022 has sent the stocks of <a target="_blank" href="https://www.businessinsider.com/nvidia-impact-q1-earnings-season-ai-nvda-stock-price-capex-2024-5">companies like Nvidia</a> to dizzying heights, leaving investors to wonder if a downturn might be around the corner.With about $40 billion in cash on hand at the end of March, Son should be ready to step up his search for AI's next big thing. If he's able to make the right bets, AI could pay off handsomely for him in the long term.

Looks like Masayoshi Son's plan to go all in on AI is starting to pay off for SoftBank

<ul class="summary-list"><li>Tech conglomerate and investor SoftBank has lost $14.4 billion so far on WeWork.</li><li>The office-sharing firm filed for bankruptcy earlier this week.</li></ul>SoftBank has lost a cumulative $14.4 billion through <a target="_blank" href="https://www.businessinsider.com/weworks-nightmare-ipo">its disastrous bet on the now-bankrupt WeWork</a>, per the group's July-September earnings.The technology group posted a loss of $1.5 billion (¥234.4 billion) in the first half of 2023 relating to its stake in the office-sharing company, which <a target="_blank" href="https://www.businessinsider.com/wework-files-for-bankruptcy-chapter-11-commercial-real-estate-reckoning-2023-11?r=US&amp;IR=T">filed for Chapter 11 bankruptcy</a> earlier this week. Its total loss could go higher.SoftBank overall posted a loss of $6.2 billion (¥931.1 billion) for July to September, compared a profit of $20 billion the same period last year.It's a stark turnaround.Fuelled with conviction from SoftBank founder Masayoshi Son and billions in investment, WeWork sailed to <a target="_blank" href="https://www.businessinsider.com/wework-valuation-falls-47-billion-to-less-than-3-billion-2020-5">a colossal $47 billion valuation at its peak in 2019.</a> Another SoftBank executive predicted the firm <a target="_blank" href="https://www.businessinsider.com/wework-wants-to-raise-money-at-35-billion-valuation-softbank-says-2018-6?r=US&amp;IR=T">would reach $100 billion.</a>This bullishness and the relationship between Son and WeWork's founder and then-CEO Adam Neumann raised eyebrows.Neumann once said Son <a target="_blank" href="https://www.nytimes.com/2019/11/02/business/adam-neumann-wework-exit-package.html">"appreciated how he was crazy" but thought that he "needed to be crazier."</a>Neumann also claimed that Son likened him to <a target="_blank" href="https://www.businessinsider.com/inspiring-life-story-of-alibaba-founder-jack-ma-2017-2">Jack Ma</a>, the Chinese billionaire founder of Alibaba. Son himself became a billionaire thanks to betting on Ma and Alibaba.<div type="image" title="adam neumann" height="1335" width="2000" msid="105101240" hostid="261"></div>But Neumann failed to reach the equivalent heights. WeWork <a target="_blank" href="https://www.businessinsider.com/wework-ipo-fiasco-adam-neumann-explained-events-timeline-2019-9?r=US&amp;IR=T">struggled towards an IPO</a>, hampered by doubts over Neumann's direction and the core business model. Neumann stepped down and the firm did eventually go public via a SPAC merger. But pandemic lockdowns and a reversion to working from home weakened the business further.After <a target="_blank" href="https://investors.wework.com/news-and-events/press-releases/financial-releases-details/2023/WeWork-Takes-Strategic-Action-to-Significantly-Strengthen-Balance-Sheet-and-Further-Streamline-Real-Estate-Footprint/default.aspx">filing for Chapter 11 bankruptcy</a> on Monday, WeWork has entered a restructuring process with lenders.For Son, the WeWork saga has been a deeply embarrassing one. Even after WeWork's original botched IPO, the CEO was insistent that WeWork could be profitable during <a target="_blank" href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-turnaround-presentation-slides-wework-2019-11?r=US&amp;IR=T#but-if-it-is-successful-heres-how-he-thinks-weworks-profits-will-look-10">a presentation</a>. At one point, he showed a <a target="_blank" href="https://i.insider.com/5dc3f6d73afd371ed2719073?width=700&amp;format=jpeg&amp;auto=webp">chart</a> depicting never-ending growth in gross profit over an undefined period of time.

SoftBank has lost more than $14 billion by betting on WeWork

<ul class="summary-list"><li>Arm stock made its trading debut on Thursday following its IPO that valued the company at $54.5 billion.</li><li>It's the biggest US IPO since 2021, during a pandemic boom that saw massive valuations. </li></ul>Shares of <a href="https://markets.businessinsider.com/news/stocks/arm-shares-start-trading-biggest-ipo-almost-two-years">Arm</a> made their much-anticipated trading debut on Thursday, marking the biggest US initial public offering of the year, and largest since 2021. The stock climbed as much as 21% higher, to $61.66, shortly after trading commenced around noon ET. Shares had been priced at $51, at the top of the expected $47-to-$51 range. The Softbank-backed tech company, which designs most of world's smartphone chips, notched a $54.5 billion valuation after raising about $4.9 billion. Some strategists have pointed to the splashy launch as a potential turning point for the broader IPO market, but others aren't say the blockbuster debut isn't an accurate gauge for the typical company looking to go public. Arm, as well as the impending IPO of Instacart, <a href="https://markets.businessinsider.com/news/stocks/arm-ipo-instacart-market-dot-com-bubble-investors-finance-stocks-2023-9">may not be enough to revive a market that's still trying to shake off a pandemic hangover</a>.Today, the market is indeed open to new issuance but companies have to come to terms with far lower valuations, according to Craig Coben, former global head of equity capital markets at Bank of America. Private valuations were extreme during the pandemic—a period of historically cheap debt and ample liquidity—and now investors and startups have to stomach marking down investments. "When you have a down round via IPO, you may have to compensate people," Coben told Insider. "It creates all sorts of complications on the cap table for companies, your employees, early investors are underwater. Who's going to take it on the chin?"In any case, when a stock debuts on public markets, it's fueled by hype and complicated by technical and exogenous factors, Coben explained. No matter how the shares move, the perceived success or failure of Arm won't be known on its first day of trading. A longer time horizon — "12 months, not 12 minutes," as Coben put it — will determine whether the company earned a fair, accurate valuation. As for whether Arm's deal signals a thawing of the market for new IPOs, Coben says investors are receptive to new listings but it's nothing like the heady days of the pandemic era. "I think the market is extremely open," Coben said. "Investors have risk appetite, but it's not nearly to the same extremes as what we saw during the tech boom of 2020, 2021. Constructive but rational."

SoftBank-backed chipmaker Arm surges 21% in its trading debut after blockbuster $55 billion IPO

<ul><li><keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> today posted a whopping $11.1 billion net profit between Oct and Dec 2020, thanks to the performance from his Vision Fund.</li><li><keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword> said that SoftBank was like the goose that turned regular eggs into golden goose eggs and even broke into a little dance during his presentation.</li><li>SoftBank Vision Fund will now focus on AI (artificial intelligence) revolution, he said.</li></ul>Over the years, it’s not just SoftBank’s earnings reports that everyone waits for but also its founder Masayoshi Son’s quirky slides. If, in May 2020, Son’s slide about flying unicorns took the tech world by surprise, this time there was a little dance from Son himself, as he spoke of Softbank as the goose that laid golden eggs. SoftBank today posted a roaring $11.1 billion net profit in the third quarter thanks to the Vision Fund’s performance. During the last quarter, SoftBank sold over $2 billion worth stocks in Uber and also saw its companies like DoorDash going for an IPO. Those who track the company would have expected this but not followed it. <div type="twitter" handle="natfukue" handlename="Natsuko Fukue" image="http://pbs.twimg.com/profile_images/1016834487257202688/jh9rfX3E_normal.jpg" favoritecount="27" retweetcount="9" status="Masayoshi Son and dancing golden eggs🥚🥚🥚 https://t.co/lJVw0uletG" createdat="1612773340000" id="1358695984235094016"></div> Just as Son called Softbank as the “producer of golden eggs”, he broke into a dance. This isn’t the first time Son has used the goose and golden eggs analogy. He has described the Japanese investment firm’s portfolio in a similar manner first in <a href="https://www.ft.com/content/6c77fffa-7ba6-11e4-a695-00144feabdc0?ftcamp=published_links%2Frss%2Fcompanies%2Ffeed%2F%2Fproduct">2014</a> and then again in 2017. However, this was his first dance during an earnings conference. In May 2020, Son had referred to flying unicorns as companies from SoftBank’s portfolio which will be able to survive the COVID-19 pandemic. <div type="image" title="valley of coronavirus" msid="80750390" hostid="261" caption="&amp;lt;p&amp;gt;SoftBank&amp;#39;s famous flying unicorn slide from May 2020&amp;lt;/p&amp;gt;"></div> The companies that Son described as golden eggs are not founded by Softbank. It only funds them. This additional capital, and “a bigger vision” for the Softbank-funded firms, are the “turbochargers”, as Son put it, which turn a regular white egg into a golden one. <div type="image" title="sb2" msid="80750412" hostid="261"></div> Going forward, the SoftBank Vision Fund will focus on AI (artificial intelligence) revolution. “The biggest evolution is AI, the greatest advancement created by humankind,” said Son. SEE ALSO: <a href="https://www.businessinsider.in/international/news/masayoshi-son-says-china-crackdown-on-alibaba-is-nothing-different-than-antitrust-regulations-in-us-or-uk/articleshow/80749653.cms">Masayoshi Son says China's crackdown on Alibaba is nothing different than antitrust regulations in US or UK</a> <a href="https://www.businessinsider.in/business/news/indiamart-employees-hit-gold-founder-dinesh-agarwal-reveals-that-15-of-the-multi-bagger-stock-is-with-600-people-who-are-or-have-been-part-of-the-team/articleshow/80743945.cms">IndiaMart employees hit gold⁠— founder reveals that 15% of the multi-bagger stock is with 600 people who are, or have been, part of the team</a>

Watch Masayoshi Son get in the groove as Softbank’s ‘golden goose eggs’ followed his famous unicorn slide

<ul><li><keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>, the founder and CEO of <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, and a long-time friend of <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword> founder <keyword id="424838" type="PERSON" weightage="20" keywordseo="Jack-Ma">Jack Ma</keyword>, said that the Chinese crackdown on Alibaba is the same as anti-trust regulations that have existed since a long time in the US or European countries.</li><li>He said that in China, internet companies had a free hand, where they could do whatever they wanted.</li><li>The regulators in Beijing have cracked down upon Alibaba and Ant Group, and the companies Ma founded are currently facing an antitrust probe for alleged monopolistic practices.</li><li>Son said he also has been in touch with Ma but hasn’t talked about business.</li></ul>Masayoshi Son, the founder and CEO of SoftBank, and a long-time friend of Alibaba founder Jack Ma, today said that the Chinese government crackdown on Alibaba is the same as anti-trust regulations that have existed since a long time in the US or European countries. Whereas in China, according to Son, internet companies had a free hand, where they could do whatever they wanted. “In the US, Europe or Japan antitrust policy is something that’s already there. In financial business, there’s the banking law, securities law, there are many rules and regulations. Within this framework you operate your business in a healthy manner. As you see some incidents or accidents, you learn lessons from there,” Son said during the <keyword id="2582588" type="PERSON" weightage="20" keywordseo="SoftBank-earnings">SoftBank earnings</keyword> call. The SoftBank founder added that these rules are necessary to protect the citizens of China as internet companies become bigger. The regulators in Beijing have cracked down upon Alibaba and Ant Group, and the companies Ma founded are currently facing an <a href="https://in.reuters.com/article/china-antgroup/china-launches-probe-into-alibaba-for-suspected-monopolistic-behaviour-idUSKBN28Y05T">antitrust</a> probe for alleged monopolistic practices. Earlier in November 2020, Alibaba and Ant Group's $34 billion initial public offering (IPO) was suspended by the <a href="http://www.sse.com.cn/disclosure/announcement/general/c/c_20201103_5253315.shtml">Shanghai Stock Exchange</a>. Ant Group, touted to be the world’s biggest IPO, was scheduled for a dual listing on November 5 — on Shanghai and Hong Kong bourses and it was halted in China with less than 48 hours to go. Jack Ma, whose net worth is $60.7 billion, according to Forbes, was under scrutiny by the government of China, had not been seen in public for several weeks, until recently. On asked whether Son had had any communication with Ma, the SoftBank founder said that the Alibaba founder likes to draw and has been sending him drawings. “Before I go to bed, now I also draw but I haven’t shown them to him yet. We don’t always talk about business, we also talk about hobbies, or just send regards,” he said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/indiamart-employees-hit-gold-founder-dinesh-agarwal-reveals-that-15-of-the-multi-bagger-stock-is-with-600-people-who-are-or-have-been-part-of-the-team/articleshow/80743945.cms">IndiaMart employees hit gold⁠— founder reveals that 15% of the multi-bagger stock is with 600 people who are, or have been, part of the team</a> <a href="https://www.businessinsider.in/tech/news/the-india-stack-that-bill-gates-and-sundar-pichai-so-love-is-set-to-get-much-bigger-thanks-to-the-indian-governments-new-blockchain-strategy/articleshow/80718403.cms">The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-new-flagship-smartphone-expected-price-specification-and-launch-date-leaked/articleshow/80742720.cms">This could be the next OnePlus flagship smartphone</a>

Masayoshi Son says China's crackdown on Alibaba is nothing different than antitrust regulations in US or UK

There is no respite for <keyword id="163404" type="General" weightage="20" keywordseo="softbank" source="Orion">SoftBank</keyword> <keyword id="45472" type="General" weightage="20" keywordseo="group" source="Orion">Group</keyword> in the ongoing global tech meltdown as the <keyword id="6373366" type="General" weightage="20" keywordseo="japanese" source="Orion">Japanese</keyword> <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> giant on Tuesday reported a massive around $5.9 billion net loss in its third quarter that ended December 31. SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, "reflecting declines in the share prices of a wide range of portfolio companies". The investment giant had lost $10 billion in the previous quarter (July-September 2022). According to the company, the fair value of its current late-stage portfolio is now more than $37 billion. On its earnings call with analysts, SoftBank said it's in the "defence mode". For the first time in decades, Masayoshi Son, founder and chief executive of SoftBank Group, skipped the analysts' call. According to <keyword id="105784" type="General" weightage="20" keywordseo="the-financial-times" source="Orion">The Financial Times</keyword>, at December-end, SoftBank said the fair value of the $100 billion Vision Fund I was down 4.4 per cent from a year earlier. The valuation for investments in Vision Fund II was down 6.2 per cent. SoftBank said it's taking a "cautious approach" to investing in the blockchain and crypto sector. Battered by heavy losses, SoftBank in September last year announced to lay off at least 30 per cent of employees at its loss-making Vision Fund. In August, SoftBank Group revealed plans to sell nearly 242 million American depository receipts (ADRs) of Chinese behemoth Alibaba, which will help it gain 4.6 trillion yen ($34 billion) in pre-tax gain from the sale. Investment bank Jefferies had predicted that SoftBank would need "$40-45 billion of cash this year" if it were to sustain. Son had warned unicorns and startups to prepare for a harsh and longer funding winter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/k-satyanarayana-raju-appointed-as-new-md-ceo-of-canara-bank/articleshow/97691108.cms">K Satyanarayana Raju appointed as new MD &amp; CEO of Canara Bank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-returns-ipo-papers-of-fairfax-backed-go-digit-general-insurance-co-to-refile/articleshow/97691075.cms">Sebi returns IPO papers of Fairfax backed Go Digit General Insurance, co to refile</a>

SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

<ul><li>SoftBank Group reported a record $8.9 billion net loss for the last financial year ended March 2020. </li><li>The Softbank Vision Fund had $75 billion invested in 88 startups but they were worth 7% less in value at the end of March.</li><li>The operating loss, before adding interest and tax, was $13 billion compared to a profit of $19 billion a year earlier.</li></ul>SoftBank Group reported a record $8.9 billion net loss for the last financial year ended March 2020 and this had a lot to do with falling valuations of <keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>'s marquee investments in Uber and WeWork. The Softbank Vision Fund had $75 billion invested in 88 startups but they were worth 7% less in value at the end of March. The operating loss, before adding interest and tax, was $13 billion at the end of March, compared to a profit of nearly 2 trillion yen ( about $19 billion) a year earlier. <table style="width: 212pt;"> </colgroup> <tbody><tr> <td class="xl64" style="height:15.0pt;width:126pt">Softbank Group</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 86pt;">FY20 loss</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Net loss</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$8.9 billion</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Operating loss</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$13 billion</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Loss from Softbank Vision Fund </td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$17.7 billlion</td> </tr></tbody></table> This is the first time in 15 years Softbank posted a loss because of ‘the deteriorating performance of its tech bets’. WeWork, the US-based realty company went under last year as a cloud of dirt exploded from under the carpet at a time when the company was looking to file for an IPO. As its financials were questioned, the <a href="https://www.businessinsider.in/stock-market/news/we-were-kings-of-the-world-weworks-adam-neumann-fostered-a-culture-of-superiority-at-the-troubled-coworking-startup/articleshow/74227820.cms">value of WeWork dropped from $47 billion to $8 billion.</a> Another one of its biggest tech bets – Uber has been on a downtrend since its listing. The market value of one of the most hallowed startups of all time is down 21.9% since its listing on Nasdaq in May 2019. SoftBank announced its largest ever share buyback to prop up their value in March. Son has already pledged two of every five shares in Softbank as collateral for loans. Jack Ma leaves the board Till date, Son’s most paid-off bet is considered to be the Chinese giant Alibaba. And now, the billionaire founder of Alibaba, Jack Ma, is set to leave the SoftBank board to focus on philanthropy. This will be the most high-profile exit from the Japanese investment group. SEE ALSO: <a href="https://www.businessinsider.in/retail/e-commerce/news/new-amazon-walmart-competitor-is-yoga-guru-baba-ramdevs-patanjali-e-commerce-orderme-app/articleshow/75798948.cms">Amazon and Walmart's newest competitor in Indian e-commerce is a yoga guru turned entrepreneur with a mass appeal</a> <a href="https://www.businessinsider.in/business/startups/news/experts-warn-startups-against-raising-funds-by-selling-equity-during-covid-19/articleshow/75798419.cms">Startups who need money during COVID-19⁠— don’t sell your stake now, warn experts</a>

Softbank's $9 billion net loss last year has a lot to do with Uber and WeWork

<ul><li>Jack Ma, <keyword id="2231281" type="PERSON" weightage="20" keywordseo="Alibaba-founder">Alibaba founder</keyword>, today announced his departure from SoftBank board. </li><li>A visibly sad <keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>, chairman of SoftBank said Ma and him will remain friends for the rest of their lives. </li><li>Son had invested $20 million in Alibaba in 2000 and has been one of the most influential people behind Alibaba’s growth.</li></ul>There was something more disappointing for Masayoshi Son than Softbank’s nearly $9 billion loss and a net of 6% loss since inception on his much-glorified Vision Fund-1⁠— it was the exit of Jack Ma, founder of Alibaba, from the Board of Directors at SoftBank. “Stepping down the SoftBank board, Ma said to me was something that he decided on his own. That's sad but we will still keep in touch. Right before Covid19 we met face to face every month to have dinner, talk business and we will remain friends for the rest of our lives,” said Son. The SoftBank founder also spoke about Ma stepping down from the CEO position of Alibaba and said that he has not been on the frontline of their own business. In September 2019, on his 55th birthday Ma had resigned from Alibaba CEO post. Ma has left the board after SoftBank after 13 years. Son “discovered” the Chinese billionaire Ma Son had invested $20 million in Alibaba in 2000 and has been one of the most influential people behind Alibaba’s growth. Son <a href="https://blogs.wsj.com/chinarealtime/2010/05/10/the-ma-son-mutual-admiration-society/">had said</a> that he invested in Alibaba after speaking to him for five minutes, when Alibaba had zero revenue. "I saw charisma in his eyes," Son later said <a href="https://asia.nikkei.com/Business/SoftBank-CEO-Son-boasts-an-impressive-list-of-friends">about the investment.</a> Today, Alibaba’s market value is a whopping $570 billion and currently accounts for <a href="https://finance.yahoo.com/news/softbank-23-billion-buyback-helps-200000191.html">65%</a> of SoftBank’s shareholder value Son, who is famous for spotting the biggest of tech investments, might have had a few failures recently with Uber and WeWork, but Alibaba continues to be the crown jewel in his portfolio. "I always say that dogs and wolves look alike, but dogs can tell a wolf. I can smell (Mr Ma) - we are the same animal, we are both a little crazy," Son had<a href="https://www.straitstimes.com/asia/east-asia/alibabas-jack-ma-and-softbanks-masayoshi-son-see-people-at-the-heart-in-the-age-of-ai"> once famously said.</a> See Also: <a href="https://www.businessinsider.in/business/startups/news/softbank-vision-fund-2-fails-to-raise-new-funds-masayoshi-son-says-the-company-will-now-use-its-own-money-for-investments/articleshow/75802047.cms">SoftBank Vision Fund 2 fails to raise new funds ⁠— Masayoshi Son says the company will now use its own money for investments</a> <a href="https://www.businessinsider.in/stock-market/markets/news/masayoshi-sons-softbank-group-lost-6-billion-on-alibaba-shares-and-another-1-5-billion-on-uber-during-the-covid-19-crisis/articleshow/75802026.cms">SoftBank Group lost $6 billion on Alibaba shares and another $1.4 billion on Uber during the COVID-19 crisis</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-follows-zomato-the-food-delivery-firm-will-layoff-1100-employees/articleshow/75801328.cms">The $3.6-billion Swiggy follows Zomato⁠— the food delivery firm lays off 1100 employees as Covid-19 squeezes business</a>

"Jack Ma and I will remain friends forever," says Masayoshi Son as Alibaba founder leaves SoftBank board

<ul class="summary-list"><li>SoftBank's CEO Masayoshi Son says he had a crisis of confidence that left him in tears for days.</li><li>The FT reported that Son said he broke down for a few days and questioned his achievements.</li></ul>SoftBank's eccentric CEO Masayoshi Son said he had a crisis of confidence in October that left him in tears for days.Son made the comments, which were reported by <a href="https://www.ft.com/content/9664f724-cd92-4b8b-9aae-a8736a1bd984" target="_blank" rel="noopener">The Financial Times</a>, during the company's annual general meeting in Tokyo. The publication reported that the CEO said he broke down for a few days and questioned his achievements as an entrepreneur. He added that he later realized he wanted to become "an architect, to design the future of humanity."Son has a reputation for being an unusual CEO. He is known for his unorthodox <a href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">approach to earnings calls, </a>which have featured drawings, art, history, and <a href="https://www.businessinsider.com/13-slides-softbanks-vision-for-next-300-years-2017-10">mysterious equations</a>. He has also reportedly <a href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-compares-himself-to-misunderstood-jesus-report-2020-5" rel="">compared himself to Jesus</a> and Yoda.His company, however, has had a bad year. SoftBank struggled to turn a profit despite a focus on AI. In May, the company's investment unit <a href="https://www.businessinsider.com/softbank-ceo-likened-to-jesus-suffers-32-billion-fund-loss-2023-5" rel="">reported an annual loss of $32 billion.</a>Son, who said he <a href="https://www.businessinsider.com/softbank-chatgpt-billionaire-ceo-masayoshi-son-sam-altman-2023-6">can't stop using OpenAI's viral ChatGPT</a>, has been bullish on AI for some time. During an interview with <a href="https://www.cnbc.com/2019/03/08/softbank-ceo-ai-will-completely-change-the-way-humans-live-within-30-years.html" target="_blank" rel="noopener nofollow">CNBC in 2019</a>, he said he believed AI would completely change the way humans lived "within 30 years."When asked about Vision Fund's AI investment focus during the event, Son said, per the FT: "I regret big mistakes." But he added that out of roughly 500 companies the fund had invested in, "more than several" were going to be big successes.Representatives for SoftBank did not immediately respond to Insider's request for comment, made outside normal working hours.

You Searched For "SoftBank earnings" and got 12 results

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SoftBank has lost more than $14 billion by betting on WeWork

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Watch Masayoshi Son get in the groove as Softbank’s ‘golden goose eggs’ followed his famous unicorn slide

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Masayoshi Son says China's crackdown on Alibaba is nothing different than antitrust regulations in US or UK

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SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

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Softbank's $9 billion net loss last year has a lot to do with Uber and WeWork

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"Jack Ma and I will remain friends forever," says Masayoshi Son as Alibaba founder leaves SoftBank board

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SoftBank CEO says he had a crisis that left him in tears for days and made him question his achievements

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