SoftBank's Intel bet pays off big, but OpenAI goes quiet on the books
The Japanese investment giant posted a $2.2 billion profit for the June quarter, well above forecasts. A huge gain on Intel shares did the heavy lifting. OpenAI, which SoftBank has pumped $55 billion into, added nothing this time.
Key points
- SoftBank reported net profit of 347.3 billion yen ($2.2 billion) for the April-to-June quarter, beating analyst forecasts of 120.23 billion yen.
- A 1.3 trillion yen gain on SoftBank's Intel shares drove most of the upside, after Intel's stock rose nearly 400% over the past 12 months.
- SoftBank has invested $55 billion of a planned $60 billion total commitment in OpenAI, but recorded zero gain or loss on that stake this quarter.
- The Vision Fund, SoftBank's main investment vehicle that holds stakes in companies from OpenAI to TikTok owner ByteDance, posted a $1.7 billion gain, largely because ByteDance's value rose by $2.2 billion.
- SoftBank's AI computing segment, which owns chip companies including Arm, posted a 200.8 billion yen loss, wider than last year's 32.4 billion yen loss.
SoftBank, the Japanese technology conglomerate that has made huge bets on artificial intelligence companies, reported stronger-than-expected profits for the three months ending June 2025. The headline number: 347.3 billion yen, or roughly $2.2 billion, according to figures first reported by CNBC Tech. Analysts had expected less than half that.
One investment did most of the work.
Where did the money actually come from?
SoftBank's stake in Intel, the American semiconductor company that makes computer chips, produced a 1.3 trillion yen paper gain. SoftBank had put about $2 billion into Intel the previous year. Since then, Intel shares have risen nearly 400%, and that surge flowed straight into SoftBank's results.
The Vision Fund, SoftBank's dedicated investment arm that holds positions in dozens of AI and technology companies, added $1.7 billion in value. A $2.2 billion rise in the estimated value of ByteDance, the Chinese company behind TikTok, was the main driver there.
What happened with OpenAI?
Nothing, financially speaking, and that is worth noticing. SoftBank has committed more than $60 billion to OpenAI, the artificial intelligence research company behind ChatGPT. Of that, $55 billion is already invested, giving SoftBank roughly 13% ownership. OpenAI makes up around 20% of SoftBank's total net asset value.
This quarter, SoftBank recorded no gain and no loss on that position.
One quarter ago it was a very different picture. The previous quarter's Vision Fund posted a nearly $20 billion gain, almost entirely because of rising OpenAI valuations. That windfall is now absent, and investors are asking what happens next.
SoftBank's share price has fallen about 34% from its record high in June. Much of the concern centres on how concentrated the company's bets are: Arm and OpenAI together form a large share of what SoftBank owns, and neither is delivering steady, predictable cash returns yet.
Should ordinary investors or workers pay attention?
If you use AI tools at work, the answer is yes, indirectly. SoftBank's willingness to keep funding OpenAI and other AI firms affects how quickly those tools improve and stay affordable. A SoftBank that is under financial pressure might slow future investment rounds.
SoftBank CEO Masayoshi Son, speaking earlier this year, said the AI shift is "50 times bigger than the dot-com boom" and called it "just like the beginning of the internet". That is a bold claim worth tracking against actual numbers over time.
The honest note: one quarter of Intel gains does not prove SoftBank's broader AI strategy is working. It proves one chip investment went well. The AI computing segment, which includes Arm, Graphcore and Ampere, posted a 200.8 billion yen loss, wider than a year ago, driven by higher research and development spending.
Takeaway: SoftBank's quarter looks good on the surface, but nearly all the profit came from one trade. The $55 billion OpenAI bet is still an open question.
