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SoftBank posts $1.5bn quarterly profit as it shifts to AI investment

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SoftBank posts .5bn quarterly profit as it shifts to AI investment

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SoftBank has made a profit for the second quarter in a row as the Japanese conglomerate seeks to capitalise on UK chip designer Arm’s surging valuation and build a war chest for its push into artificial intelligence.

The group recorded a net profit of ¥231bn ($1.5bn) in the quarter to the end of March, beating analysts’ expectations of a ¥23.3bn profit, according to S&P Capital IQ.

However, the fourth-quarter results did not make up for a weak start to the year, with the group falling to a full-year net loss of ¥227.6bn. SoftBank last made an annual profit in the fiscal year ending March 2021, when the Covid-19 pandemic supercharged tech stocks.

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Despite the full-year loss, analysts and investors are increasingly confident that SoftBank founder Masayoshi Son will develop an aggressive AI strategy based around its UK subsidiary Arm, of which it owns 90 per cent.

“Arm is central to our AI shift . . . so Arm and the portfolio companies should create a new ecosystem going forward,” said Yoshimitsu Goto, SoftBank’s chief financial officer, on Monday. “That is our view and expectation.”

Goto added that “to keep changing is the biggest risk hedge our company can take”, underlining SoftBank’s intent to keep investing in AI.

Last year, Son, who has stepped back from presenting SoftBank’s earnings, said the company was ready to go on the “counteroffensive” after nearly three years of asset sales and hoarding cash.

The Japanese group has sold down billions of dollars in investments made by its Vision Funds — which made an investment loss of ¥57.5bn in the fourth quarter — building up a store of dry powder that it can deploy. The group had ¥6.2tn of cash on hand at the end of March.

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“The key takeaway is they are selling a lot more than they are investing. The expectation is they are building a war chest, probably for AI, but they are well positioned to start investing wherever they wish,” said Kirk Boodry, a SoftBank analyst at Astris Advisory in Tokyo.

Arm is central to Son’s plans, with SoftBank planning to reposition its strategy around the chip designer, which has been one of the biggest beneficiaries of an AI spending boom since it listed on Nasdaq in September.

“The share price is still driven by Arm,” said Boodry.

The Financial Times reported last year that Arm was developing its own chip to showcase the capabilities of its designs. On Sunday, the Nikkei newspaper reported that Arm and SoftBank might move beyond chip design into production. SoftBank’s Goto did not comment on the report.

“We have great coverage, and, and don’t feel like [moving beyond chip design is] something that’s necessary,” Arm’s chief financial officer Jason Childs told journalists during the results presentation in Tokyo.

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The group is doing some AI deals through SoftBank instead of the Vision Funds in order to avoid the need for an exit, said Goto.

SoftBank last week led an investment of more than $1bn in UK self-driving car start-up Wayve in its search for AI investments.

Although Vision Fund executives were responsible for assessing and valuing Wayve, the money for the deal came from SoftBank rather than its Vision Funds. The investment was signed off by Son, which executives said was due to the deal’s size and AI theme.

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

As investigators raced to find the person responsible for three killings in rural Wayne County, Utah, they used automated license plate readers and a victim’s own vehicle key fob to track their suspect – a man police said has no connection to the victims or the region that is known for its awe-inspiring landscapes dotted with quiet, small towns.

It would take just hours to pin down the suspect in a search that spanned multiple states in the Four Corners region of the Southwest – ending early Thursday with the arrest of 22-year-old Iowa resident Ivan Miller, who is charged with three counts of first-degree, aggravated murder, officials said.

Miller was taken into custody in Colorado, officials said –– more than 350 miles from where the bodies of three women were found at two locations in Utah.

Miller’s first court appearance is scheduled for Friday afternoon in Archuleta County, Colorado. He will be represented by a public defender, court records show.

The victims were identified as Margaret Oldroyd, 86; Linda Dewey, 65; and Natalie Graves, 34, Utah’s Department of Public Safety said.

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Dewey and Graves, an aunt and niece who’d gone for a hike together, were found dead near a trailhead just outside the town of Torrey, Utah’s DPS said. The women’s bodies were found by their husbands who grew concerned when the pair didn’t return from their hike, Utah Highway Patrol spokesperson Lt. Cameron Roden said at a news conference Thursday.

Investigators found Oldroyd’s vehicle at the trailhead and deputies went to her home in nearby Lyman, where they discovered her body, Roden said.

After his arrest, Miller told investigators he spent a night in Oldroyd’s back shed and snuck into her house while she was out, according to an indictment filed in court Thursday. Miller “waited for her behind a door and shot her in the back of the head … while she was sitting down to watch television,” the indictment said.

Miller made efforts to clean up the scene before dragging the 86-year-old’s body to a cellar under the shed, where she was later found, the indictment read. He then stole her Buick Regal and traveled to the trailhead, investigators said. Miller told investigators “he did not like the car and wanted to find a different vehicle,” the indictment said.

At the trailhead, Miller said he saw Dewey and Graves get out of a white Subaru and shot them both, according to the indictment. Miller told investigators he stabbed one of the women in the chest multiple times because she was still moving, the document said.

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He then admitted dragging their bodies into a ditch, where the two were discovered by their husbands, the indictment said.

Officials said Miller ditched Oldroyd’s car at the trail and drove away in the white Subaru. Miller also admitted stealing the women’s credit cards and using one to pay for gas, according to documents.

Investigators used a network of license plate scanners to track the Subaru “through southern Utah into northern Arizona and eventually into Colorado,” Roden said.

“Colorado law enforcement located the vehicle abandoned in Pagosa Springs, Colorado, and after a brief search, took the individual into custody without incident,” Utah DPS said Thursday.

One of the husbands was also able to track the car’s location using an app that monitored the vehicle’s key fob, investigators said. Just after 9 p.m. Wednesday, the key fob appeared to be in Farmington, New Mexico — about two hours southwest of where Miller would later be taken into custody, according to the indictment.

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Miller had a handgun and a large knife in his possession at the time of his arrest, according to police in Pagosa Springs.

Miller told investigators he killed the women because he needed money, according to the indictment. “Miller confessed that it ‘had to be done’ but he did not like to do it,” the document reads.

Miller, who lived in Blakesburg, Iowa, set out on a cross-country road trip about two and a half weeks ago, his brother, who spoke with The New York Times on condition of anonymity, said.

Miller’s brother said the two stayed in contact during the trip, and Miller mentioned crashing his truck after hitting an elk, according to the Times.

The brother was concerned about how Miller was traveling around after that and offered to bring him back to Iowa, which he declined, the Times reported.

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After his arrest, Miller told officials that he had been staying at a hotel in the area for a few days after he hit an elk with his truck, which he then sold to a tow truck company, according to the indictment.

On Thursday, shaken residents across Wayne County placed pink ribbons around trees and fences in their communities as they remembered the three women who were killed in apparently random attacks carried out by a stranger.

“We wanted to honor our friend and neighbor,” Mary Sorenson, who put up ribbons around Lyman, told CNN affiliate KSL.

The Wayne County School District announced it would be closed for the rest of the week and would “have counselors in place to support students when we are back in session next week.”

In a statement Thursday, Torrey Mayor Mickey Wright described the multiple homicides as a “heartbreaking moment for our small, close‑knit community.”

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“Our community is strong. In the coming days, we will support one another, check on our neighbors, and ensure that those affected by this tragedy are not alone,” Wright said. “We stand together today — in grief, in compassion, and in solidarity.”

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods
The U.S.-Israeli war with Iran is spilling out across the region. What are the goals? And how does it end?Host Mary Louise Kelly talks with International Correspondent Aya Batrawy, based in Dubai, and Pentagon correspondent Tom Bowman, about the U.S.-Israeli war with Iran. Six days of war have turned the middle east upside down, and it’s still not clear how the U.S. will determine when its objectives have been accomplished.Recommended Iran reading:Blackwave by Kim GhattasAll the Shah’s Men by Stephen KinzerPrisoner by Jason RezaianPersian Mirrors by Elaine SciolinoListener spy novel recommendation: Pariah by Dan FespermanEmail the show at sourcesandmethods@npr.orgNPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.
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Map: 4.9-Magnitude Earthquake Shakes Louisiana

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Map: 4.9-Magnitude Earthquake Shakes Louisiana

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown.  All times on the map are Central time. The New York Times

A light, 4.9-magnitude earthquake struck in Louisiana on Thursday, according to the United States Geological Survey.

The temblor happened at 5:30 a.m. Central time about 6 miles west of Edgefield, La., data from the agency shows.

U.S.G.S. data earlier reported that the magnitude was 4.4.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Central time. Shake data is as of Thursday, March 5 at 8:40 a.m. Eastern. Aftershocks data is as of Thursday, March 5 at 10:46 a.m. Eastern.

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