Masayoshi Son's blockbuster speech: "AI is not a bubble, SoftBank has begun mass-producing robots, challenges Musk by saying space data centers are worthless, and vows to work hard until age 70!"

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The founder of SoftBank made a series of heavyweight statements at the annual shareholders meeting, endorsing the AI investment boom and outlining an ambitious ten-year blueprint for the company.

At two consecutive shareholder meetings on Tuesday and Wednesday, Masayoshi Son announced that SoftBank has begun mass production of robots and set a net asset value target of 1,000 trillion yen for the next decade or so. He dismissed market concerns about an AI bubble, calling such claims "a blasphemy against AI," and directly responded to Elon Musk's ambitious orbital data center concept, bluntly stating such projects have limited value.

These statements have a direct impact on market sentiment. A series of moves by SoftBank to bet on AI—including stakes in ChatGPT developer OpenAI and chip designer Arm—have already pushed the company’s share price to a record high this month, though the volatility of the AI sector still makes this trade a double-edged sword for investors.

In his speech, Son admitted that some shareholders are "half-convinced" about SoftBank’s valuation, while he himself is "one hundred percent convinced, with no doubts." He said he does not plan to retire, and intends to lead the company until he turns 70, aiming to realize what he defines as "artificial super intelligence"—AI systems that are ten thousand times more intelligent than humans.

Net Asset Target Soars, Valuation Discount Remains Unresolved

At the annual shareholders meeting in Tokyo, Son unveiled SoftBank's long-term goal: setting a net asset value target of 1,000 trillion yen for the next decade or so. He admitted this goal is highly ambitious, but stated that SoftBank has consistently proven its ability to create value.

He compared SoftBank to "the goose that lays golden eggs," and extended this metaphor further: "Eggs can’t hatch eggs; it’s the goose that lays them. The SoftBank Group is the egg-producing factory." He also complained about the large discount between the company’s current market value of about 37 trillion yen and its total asset value of 74 trillion yen. "How much longer do I have to work hard before you believe this goose is doing a great job?" he asked.

Son said he has become "greedier," hopes to make a difference in the next 10 to 15 years, and expressed his determination to stay healthy.

Refuting the Bubble Theory, Announcing Robots Enter Mass Production

Son firmly rebutted external concerns about an AI bubble. "If you say this is a bubble, I consider that a blasphemy against AI," he said. "This is just the beginning; the potential of AI will be unleashed."

He also revealed that SoftBank has started robot manufacturing at its "physical AI factory," and stated the company will make an official announcement soon. "I believe we are the first company in the world to realize large-scale manufacturing of robots by robots," he said, but did not provide further details.

Son believes that as the world moves towards "physical AI super intelligence," the industry bottleneck has shifted from model design itself to the capacity of chips, electricity, and data centers needed to support the operation of large-scale advanced systems. This aligns closely with SoftBank’s strategic bet on becoming a leading robotics company.

Huge Upside for Arm Valuation, Intel Investment Reappraised

Regarding its key assets, Son said that Arm’s decision to start producing chips independently has boosted the company’s valuation to about $391 billion. As AI computing evolves toward processor-centric architecture, Arm is poised to become one of the world’s most important CPU suppliers, with valuation potential to grow "by more than tenfold." SoftBank currently owns nearly 90% of Arm.

Regarding the controversial Intel investment, Son also defended it. He said SoftBank's initial $2 billion investment has seen a significant gain due to the adjustment of US national security priorities and Intel’s new partnerships with companies like Nvidia and Apple. "The US has no choice but to strengthen Intel," he said.

Accelerating Data Center Deployment; "Stargate" Plan Continues

In data center infrastructure, Son revealed that SoftBank is finalizing a letter of intent related to a data center development in Ohio, though he did not disclose the client’s name, he said the project could deliver "huge" profits. He also noted that more projects are being planned in regions such as Texas, France, and Japan.

In Japan, Son confirmed that SoftBank remains a key candidate for Tokyo Electric Power Company (TEPCO) to introduce external capital and build AI data centers. He said, "If TEPCO joins us, we will expand power supply and bring AI data centers to Japan." However, he also warned that Japan’s local regulatory process is cumbersome and cannot keep pace with the development of AI.

In addition, he said that the “Stargate” AI infrastructure project involving SoftBank, OpenAI, Oracle, and others plans to further expand its scale and grow in step with global AI infrastructure demand, but offered no further progress details.

Directly Responding to Musk: The Key to Victory is on Earth, Not in Space

Son made it clear that he is not optimistic about building data centers in space. At the SoftBank Mobile shareholder meeting, he answered a question from a shareholder, saying that the main advantage of orbital data centers is reduced electricity costs, but compared with hardware like chips, electricity makes up only a small part of total data center operating costs. At the same time, the higher costs of sending equipment to space, maintenance expenses, and communication delays will offset the savings in electricity costs.

He called Musk a "brilliant changemaker," but said SoftBank would focus on building "powerful" data center capacity on Earth. "The early bird wins," he said.

According to Bloomberg, Musk’s SpaceX and Jeff Bezos’s Blue Origin have both announced plans to build and launch orbital data centers to address Earth’s energy and space constraints. Son, however, takes a different view, believing "the competition in the next few years is far more crucial than what happens ten years from now."

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