Masayoshi Son stood before shareholders and made a strange admission: SoftBank’s most valuable asset is worth nothing.
Not literally. SoftBank’s net asset value is 74 trillion yen. Its market cap is roughly half of that. The pieces inside the company, mostly listed stakes with market prices attached to them, add up to far more than the stock market value of SoftBank itself.
Son’s point was simple: investors are counting the eggs, but not the goose.
The “eggs” are SoftBank’s holdings: ARM, OpenAI, T-Mobile, Alibaba in the past, and the rest of the portfolio. The “goose” is SoftBank itself: the capital allocator that turned 3 trillion yen of net asset value into 74 trillion yen over 16 years.
That was the argument at SoftBank Group’s 46th Annual General Meeting on June 24, 2026. Not just that AI is early. Not just that ARM is valuable. But that the market is still pricing SoftBank like a pile of assets, rather than a company that can keep producing new ones.
What follows comes from Son’s own words, with the numbers as he stated them.
In this newsletter youll learn:
Why SoftBank Trades at Half Its Asset Value
How Son Turned ¥3 Trillion Into ¥74 Trillion
Why ARM Alone Is Worth More Than SoftBank
SoftBank’s Bigger AI Bet: Chips, Data Centers, Energy and Robotics
Why Son Calls ‘AI Bubble’ an Insult
6. The 68-Year-Old Who Won’t Retire
The 46 th Annual General Meeting of Shareholders Deck
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