Photo illustration: Eniola Odetunde/Axios. Photo: Yoshikazu Tsuno/Getty Images

SoftBank and its Vision Fund made a comeback this past quarter. But chairman and CEO Masayoshi Son has already moved on to a new project: a $550 million vehicle for investing in blue-chip public tech stocks like Facebook, Amazon and Apple.

Why it matters: This is part of Son’s ongoing plan to transform SoftBank Group into an investment company.

  • "By having cash on hand, we will be able to enhance our defense power," Son said during Tuesday’s earnings presentation.
  • To make the point further, SoftBank Group will no longer report operating profit, a metric Son says isn't as relevant for an investing business. (Though some reporters seemed unconvinced during Tuesday's presentation.)

By the numbers: SoftBank Group posted a $12 billion net profit for quarter ending in June.

  • SoftBank is also 95% through its asset monetization program (¥4.3 trillion out of ¥4.5 trillion, or $40.4 billion out of $42.3 billion), which it thought would take a year.

Other updates from SoftBank’s latest earnings report:

  • ARM: Son confirmed that SoftBank is evaluating selling a stake in the chip company or an IPO, though he declined to name potential buyers.
  • Vision Fund: After reporting an $18 billion loss last quarter, the Vision Fund is back in the black, with an investment gain of $2.8 billion for this quarter. Son also said that "five or six companies" in its portfolio are currently preparing to go public, though he didn’t name them (of course).

Go deeper

Dion Rabouin, author of Markets
Aug 13, 2020 - Economy & Business

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Commission releases topics for first presidential debate

Moderator Chris Wallace. Photo: Drew Angerer/Getty Images

Fox News anchor Chris Wallace has selected what topics he'll cover while moderating the first presidential debate between President Trump and former Vice President Joe Biden next week.

What to watch: Topics for the Sept. 29 debate will include Trump and Biden's records, the Supreme Court, COVID-19, economic policy, racism and the integrity of the election, the Commission for Presidential Debates announced on Tuesday. Each topic will receive 15 minutes of conversation and will be presented in no particular order.

Fed chair warns economy will feel the weight of expired stimulus

Treasury Secretary Steven Mnuchin and Fed Chair Jay Powell bump elbows before House hearing on Tuesday. Photo: Joshua Roberts/Pool/AFP via Getty Images

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee on Tuesday that the expiration of Congress' coronavirus stimulus will weigh on the U.S. economy.

Why it matters: Powell warned that the effects of dried-up benefits are a looming risk to the economy, even if the consequences aren't yet visible.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!