SoftBank reported a $6.2 billion quarterly loss, but its Vision Fund managed to eke out a gain in the fiscal second quarter. The company attributed the loss to a weaker yen and U.S.-dollar denominated liabilities. SoftBank's Vision Fund saw an investment gain of 21.3 billion yen, thanks to the sale of shares in chipmaker Arm. This offset the decline in the value of other invested companies, such as SenseTime. SoftBank's founder, Masayoshi Son, had previously shifted the company into "defense" mode but is now optimistic about the potential of artificial intelligence technology.
China's basic pension fund, managed by the National Council for Social Security Fund, recorded a 0.33% investment gain in 2022, down from 4.9% in 2021. The decrease in yield was attributed to global economic and political changes, as well as fluctuations in financial markets. China's stock benchmark CSI 300 lost 21.6% in 2022. The basic pension fund manages a total of 1.62 trillion yuan and has averaged a 5.4% gain since 2016. Additionally, the national social security fund reported a 5.07% loss for 2022.
SoftBank reported a surprise loss of 477.6 billion yen ($3.3 billion) in the first quarter, falling short of analyst estimates, but improved from the previous year. However, its Vision Fund recorded an investment gain of 159.8 billion yen ($1.1 billion) due to investments in subsidiaries like Arm. SoftBank has faced challenges with its technology investments, including a $32 billion loss at its Vision Fund last quarter. The company aims to capitalize on the AI revolution and has a number of companies valued at $37 billion ready for IPO. SoftBank's track record includes backing WeWork and taking a stake in FTX, which faced fraud charges.
