SoftBank Group (9984.T): Closely monitoring investments in robots

We had an opportunity to meet with Jun Ohama and Sayaka Yamaguchi from SoftBank's IR team during the UBS Japan Big Tech tour. The key takeaways regarding its investment strategy were: (1) the four priority investment areas are AI models, AI chips, AI infrastructure and physical AI; (2) among these, Chairman Masayoshi Son sees the greatest potential in physical AI; (3) GPT-6 Astra, OpenAI's latest model, has been well received by investors and investor sentiment has improved since around the release of GPT 5.6 in early July, while decisions on additional investments will be made on a case-by-case basis;