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Photo Illustration: Eniola Odetunde. Photo via Yoshikazu Tsuno/Getty Images

SoftBank is tripling its commitment to investing in private companies, amid record quarterly profits.

Why it matters: Just a year ago, SoftBank's $100 billion Vision Fund was in the red and incapable of attracting outside investors.

  • The result was a decision not to raise a second Vision Fund from outside investors, instead funding "Vision Fund 2" with $10 billion from SoftBank's own balance sheet.
  • That commitment has now increased to $30 billion.

What they're saying: "Right now, we would like to continue investing with our own cash," said SoftBank chairman and CEO Masayoshi Son during a Wednesday presentation to analysts, adding that the company plans to recycle its returns from the first fund into Vision Fund 2.

  • "It's not that we don't invite third-party participation, it’s that we don't have to beg," he added.

By the numbers:

  • SoftBank's net income for the fiscal year ending March 31 was 4.99 trillion yen ($45.9 billion), and 1.93 trillion yen ($17.7 billion) in the most recent quarter.
  • The Vision Fund unit netted 2.3 trillion yen ($21.2 billion) in profit for the quarter.

Go deeper:

Go deeper

Aug 10, 2021 - Politics & Policy

Senate passes $1.2 trillion bipartisan infrastructure package

President Biden with Sen. Rob Portman (R-Ohio), Kyrsten Sinema (D-Ariz.) and other bipartisan senators. Photo: Kevin Dietsch/Getty Images

The Senate voted 69-30 on Tuesday to pass the $1.2 trillion bipartisan infrastructure package, handing a major victory to President Biden and a group of senators that spent months negotiating on the agreement.

Why it matters: The monster bill would deliver hundreds of billions of dollars for roads, bridges, waterways and other "hard infrastructure" items. It is widely seen as a victory for both parties and the reputation of the Senate, especially given the current level of polarization in Congress.

Mike Allen, author of AM
4 mins ago - Politics & Policy

GOP senator calls for senility test for aging leaders

Photo: "Axios on HBO"

Sen. Bill Cassidy (R-La.), a physician, told me during an "Axios on HBO" interview that he favors cognition tests for aging leaders of all three branches of government.

Why it matters: Wisdom comes with age. But science also shows that we lose something. And much of the world is now run by old people — including President Biden, 78.

Ina Fried, author of Login
14 mins ago - Technology

Intel CEO blames predecessors for manufacturing woes

Axios on HBO

When it comes to Intel's recent manufacturing problems, Intel CEO Pat Gelsinger places the blame squarely on his predecessors — many of whom he notes were not engineers deeply steeped in chip technology, as he is.

Why it matters: Gelsinger has announced a broad plan to reinvigorate Intel by doubling down on manufacturing. However, the strategy depends on the venerable semiconductor giant recovering from recent stumbles.