SoftBank Group (SFTBY): Project Izanagi
The Thesis
SoftBank is no longer a telecom company; it is a leveraged bet on the Singularity. After the volatility of Vision Fund 1 & 2, Masayoshi Son has launched "Project Izanagi"—a $100B initiative to create an Artificial General Intelligence (AGI) partner.
Key Assets
- Arm Holdings (90% Ownership): The crown jewel. The instruction set architecture (ISA) that powers every smartphone and increasingly, the data center.
- Vision Funds: Stakes in hundreds of late-stage tech startups (ByteDance, Revolut, etc.).
- Robotics: Investments in warehouse automation and humanoid robotics.
The Strategy
"Cluster Strategy." SoftBank aims to own the entire stack:
- Chip Architecture: Arm.
- Infrastructure: (Potential DBRG Acquisition).
- Application: Vision Fund Portfolio.