SoftBank Group Chairman and CEO Masayoshi Son. Photo: Tomohiro Ohsumi/Getty Images

SoftBank Group reports its earnings Wednesday, which is a bit like hosting a dinner party when your kids have the flu and your kitchen is being remodeled.

Between the lines: Pay most attention to fundraising progress, or lack thereof, for SoftBank's next Vision Fund. Pay less attention to portfolio markups/markdowns, outside of how it may affect potential LP sentiment.

The backdrop: SoftBank announced in July that it had $108 billion in commitments for Vision Fund 2 but, as we reported at the time, those weren't really commitments. They were non-binding memorandums of understanding.

There's an FT report that SoftBank will insist on stronger governance controls at portfolio companies, although that feels like a pretty empty threat.

  • Would SoftBank really deny follow-on funds to an existing investment in need, thus threatening existing value?
  • And given its demonstrated willingness to turn on a founding CEO, how would it sell this to prospective investees?
  • Maybe it's just a Saudi sales pitch.

The bottom line: Vision Fund is larger than all Silicon Valley venture capital funds put together, so the existence/disappearance of Vision Fund 2 will have an earthquake-like impact on the future funding environment.

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Updated 7 hours ago - Politics & Policy

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Illustration: Aïda Amer/Axios

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  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

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President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.