Thank you very much for waiting, everyone. Now, we would like to start the SoftBank Group Corp. Earnings Results Announcement for the nine-month period ended December 31, 2024. First of all, I would like to introduce today's participants. From left, we have Yoshimitsu Goto, Board Director and CFO. Kazuko Kimiwada, Corporate Officer, Chief Sustainability Officer, Senior Vice President and Head of Accounting Unit. Navneet Govil, CFO, SB Investment Advisers and SB Global Advisers. Jason Child, Executive Vice President and CFO. Today's announcement is live broadcast over the Internet. Now, I would like to invite Yoshimitsu Goto to present to you the earnings results and business overview. Mr. Goto, please. Thank you for the kind introduction. This is Goto speaking. Thank you very much for sharing your time with us today. So this marks actually two and a half years to present the earnings. Before me, actually, our Chairman and CEO, Masayoshi Son, has been presenting the earnings. But since then, he started saying and motivated to only focus on AI revolution. So he's been working very hard for the past two and a half years. And many people wondered what Masayoshi is doing. And from time to time, I was trying to kind of brief you what's he's doing. But this time, I believe this quarter, now that we are able to clarify and share the message that Masayoshi wanted to convey. And for that, we had two big events. Of course, our road to ASI is, of course, our objective. And sometime soon, that we will be seeing AI is going to be exceeding human beings' capability. So we've been thinking, how should we approach this road, and how can we minimize the time to be spent to come to this era? These are the four focuses if we are asked to limit to four elements. First, AI chip. Of course, this is the biggest advantage that we have in the group because design capability that has been building is going to be still a very much essential piece for the future development of AI. And based on that, we have various studies and hypotheses. And based on that, we are to prepare the computing power. And for that, we need a huge size of the data center as early as possible so that we'll be able to take an advantage and utilize for the AI evolution. And for that, power is necessary to support such data center. And in addition, robotics, which we've been making efforts for the past 10 years or so, that is another important area together with logistics that the AI can be a big leverage for. Robot is still on the way. The first things to first, which is supplying the chip and also supporting the chip for AI. That comes to the Stargate project announcement in the White House. Together with President Trump, we had an opportunity to share our project. Here, you see, old friend of Masayoshi, Mr. Larry Ellison, was also together with him. Also the strong partner, Mr. Sam Altman from OpenAI, was also there for that announcement. In the past, to ASI, what kind of commercial service can we provide? That came to Crystal Intelligence. You may have an opportunity to be able to see the earnings announcements by SoftBank Corp the other day. There was some explanation about Crystal Intelligence. Also, there was an announcement together with Mr. Sam Altman from OpenAI. We had more than 500 companies with about 1,000 business persons join together to hear Masayoshi Son and also Sam Altman's what they need to say. In addition to that, we had many people from the financial institutions as well. We cannot evaluate right now for this service yet, but we would like to continuously study what would be the most necessary part or the task that we need to be solving with this service. We would like to spend some time for that, and here on that, I would like to share the highlights for this quarter. Important KPI, net asset value, a little bit shy of JPY 30 trillion, and also loan to value, 12%. Both are very much steadily progressed. In addition, cash position, this is another important KPI in this quarter; three months, we have increased. That gave us to the JPY 5 trillion of the cash position. Net income, year to date, JPY 636.2 billion. Year-on-year basis, a JPY 1.1 trillion increase. Number four, as I mentioned, Stargate, Crystal Intelligence. Those are the announcements we made. These four points are the highlights that we have done for the quarter and a little bit after this quarter. Let me start going into a bit details with key KPIs. Net asset value, loan to value, and cash position, both all of those that are having very steady progress. As for net asset value, at the end of December end, it was a bit of a bit short of JPY 30 trillion. But if you look at the very latest number, JPY 33.5 trillion. You can see here the breakdown up until the end of December. Breakdown is a little bit of a difficulty in share price. But after January, we've been seeing quite a good pickup on share price from Arm and T-Mobile, one of the biggest contributors. And right now, on the performance basis, net asset value is about JPY 33.5 trillion, excuse me. And I believe this number is very much close to the record high level for a net asset value considering from the start of our business. Of course, that is still just the beginning of the AI era. And the important thing is to keep the momentum. Every quarter announcement, whenever it's good or whenever it's bad, we don't want to be too happy or too sad about the share price volatilities. But I would like to focus on one year, five years, ten years, and make sure that we would like to keep the momentum of increasing. That would be the most important trend for the investment company like us. Cash position, as you see, in the past three years, we've been keeping a very ample of financial resources. At the end of December, we have some increase in cash position because we had a margin loan capacity utilizing Arm shares has been increased by JPY 0.8 trillion. Also some issuance of bonds, we have increased of JPY 0.4 trillion to cover for next two years of the bond redemption is about JPY 1.1 trillion. If you look at this number, JPY 2.1 trillion is the cash position financial policy that we've been communicating to the market. Actually, you can say, you can tell that this is a very safe level of cash position. Loan to value, this is also an important KPI that's asking everybody to follow. And right now, 12.9%, we are too safe again for this quarter. As an investment company, we would like to seek for the even higher performance so that it is going to be. I believe that this is a message that maybe we can make a little bit more challenge for the equity investor as well as the credit investor. Next, consolidated results, gain on investment, income before income tax, net income, and net sales. We are making steady growth in all areas. As a holding company, we are not really paying too much attention on sales. But the gain on investment was up by JPY 2.7 trillion. Income before income tax, up by JPY 1.1 trillion. Year-on-year net income, we posted JPY 636 billion, up by over JPY 1 trillion. So again, compared to the last same period, we saw a huge improvement. Looking at the numbers by the quarter, however, you see some ups and downs. In the third quarter, we saw a loss in investment and a net loss as opposed to gain. But this is a very small aspect of the total picture. If you look at gain or loss on investment more in detail, for example, two numbers, investment business of holding companies and SVF, which comprise of this number mainly. Vision Fund posted loss of JPY 339 billion, and investment business of holding companies posted JPY 188 billion loss. But this JPY 108 billion loss by investment business of holding companies, if you look at in detail, we posted a loss of JPY 377 billion of Alibaba shares because share price went down. But remember, we monetized Alibaba share, but we still have some shares for the contract. The value of share price and value of derivative, we have to look at both. Down of share price is presented straight here. T-Mobile share went up by, sorry, went up by JPY 185 billion. So net net, we lost JPY 108 billion. But when share price went down, derivative value goes up. So even though we saw a loss in terms of investment business of holding companies, especially looking at Alibaba, even though we saw a loss of JPY 339 billion, but we saw also derivative gain of JPY 686 billion, then you can say the numbers are netted out. So when the term will be expired, we will see all net out and zero. You could exclude Alibaba at all, then you could see the result of our real in real term performance. Impact of foreign gain or loss on net income, which could be very significant. Foreign exchange rate is a different animal compared to a corporate performance and corporate management. As yen gets weaker, we posted a JPY 540 billion loss, pushing down net income. That was the result of third quarter. Yen was 142 yen per dollar as of end of September, but it got even weaker, down to 186.58 as of December 30. That had a positive impact on NAV, up by JPY 3 trillion, thanks to the share price and also foreign exchange rate. From accounting perspective, weak yen has positive impact on equity, but negative impact on consolidated net income. Now, SoftBank Vision Fund performance. As I mentioned a little bit earlier, from October through December last year, we posted $2.3 billion for SV1, $1 billion, and SV2, almost $1.2 billion. That was the loss from the investment. If you look at Vision One, Vision Fund One, excuse me. If you take a look at the left-hand side, public portfolio companies. Some companies saw value up, like Grab or Coupang, saw value loss, partly due to political turmoil in Korea end of December. As for Vision Fund Two, most of the portfolio companies are private companies. For this particular quarter, those companies saw lower fair value. And also, weaker yen and the Korean currency against dollar had some impact on their performance. By the quarter since FY22, as you can see, in the second quarter, we saw a positive number, and in the third quarter, we saw a negative number, which was disappointing, but we are confident with the trend itself. As for cumulative investment return, Vision Fund One, they don't invest in new opportunities anymore against investment cost. About JPY 70 billion already exited. For Vision Fund Two, they have many portfolio companies that have a great potential in the future, and they are actually growing. We are hopeful that those portfolio companies will improve their performance. Talking about the portfolio, year to date, we saw four listings this year. On the right-hand side, you see total fair value of late-stage portfolio, $33 billion. For example, SoftBank Vision Fund One has ByteDance and Fanatics, and DiDi, which can be said as a private company. As for Vision Fund Two, there are a lot of IPO candidates, and other companies are almost ready for IPO, like Klarna, and PayPay has a great potential, and OpenAI, to which we made a follow-on investment. Again, we have great expectations from those portfolio companies. Of the portfolio companies who got listed this quarter, Swiggy. It was the largest tech IPO globally in 2024. Total offering size was $113 billion, and we believe that this can be even growing further for mid and long term. SoftBank Vision Fund made new investments, as you can see here, including Databricks, which delivers integrated cloud-based platform to enterprises. Day One pioneers cutting-edge data centers in Asia, and Helion develops next-generation fusion technology to produce low-cost clean energy. QuEra develops scalable quantum computers. In the last quarter, those were the major investments made by Vision Fund. OpenAI, which everybody is interested in and looking at at the moment, we made primary investment in September 2024, and we did a secondary investment in January. Total investment so far is $2 billion. As you can see, monthly website visit compared to other players, OpenAI is growing exponentially and by far the biggest AI entity. The SoftBank Group has a partnership with OpenAI, and the significance of the partnership can be presented in a chart like this. DeepSeek, by the way, is shown here in green line at the far right bottom. As a new move in the AI sector, we should welcome someone like DeepSeek. Now let me go into a very smooth quarter. Sales, royalty revenue, highest ever, and non-GAAP operating income actually exceeded analyst consensus. Speaking of royalty revenue, there are two major growth drivers. One is V9 penetration. V9, compared to a previous version, V8, price per unit royalty is around double. So in mobile or cloud market, being adopted gives us a big contribution for the royalty revenue, and we are expecting that this will be even more penetrated over the market. In Compute Subsystems or CSS, this is several licenses combined to one package products as a service, so that the people who use do not need to design from each chip from IP so that they can reduce the development time and also cost, and at the same time can expect the higher capacity capability of the chip itself, and also, more and more penetration that we've been seeing of ARM technology adoption. Variety of the services are now provided utilizing ARM technology, and as an example here, Graviton4 from AWS, Azure Cobalt 100 from Microsoft, and Axion from Google. Those are all using ARM-based chips, and license revenue actually has some fluctuation ups and downs because based on the time of the agreements or the time of the renewal of agreements or the tenure of the agreements, that may fluctuate the license revenue. Here, we have numbers for annualized contract value, and the bar graph shown below is a trend. If you look at the ACV, annualized contract value, actually it is making a very steady increase here. Even with the year-on-year basis, ACV went up by 9%. In a recent earnings announcement, ARM announced the guidance 2024 as a current guidance revenue guidance between $3.94-$4.40 billion, and the non-GAAP operating expense up to $2.07 billion, and the non-GAAP fully diluted earnings per share $1.56-$1.64. We have a little bit of a decrease in the top numbers for the revenue, but the important thing is if you look at midpoint, you see actually the midpoint has increased from $3.95-$3.99 billion. Stargate Project that I would like to make a little bit of a comment on. We would like to accelerate the AI revolution with the support of Stargate and to make the time happen that we would like to support the infrastructure side. Here is the project overview. SoftBank Group and OpenAI as our lead partners, and we have Oracle and MGX. MGX is the investment vehicle from the Middle East. The Chairman will be chaired by Masayoshi Son, and the operational lead will be OpenAI. SoftBank Group will be leading finance. Over the next four years, we will be deploying $500 billion, and first, we would like to start deploying $100 billion. $500 billion, that's JPY 75 trillion in Japanese yen. That's quite an eye-opening number. But it is not that we, SoftBank Group, will be raising money with the assets or cash for the tens of trillions of JPY. We would like to set up the project together with lenders, equity investors, that we would like to proceed the project together with them. There will be a variety of data centers that we will be addressing, and the size may differ one by one. But of course, as a mega data center, as a Stargate project, we would like to pick up both a data center and work on addressing that. And after accumulating such efforts and projects, we are assuming it will be achieving or reaching close to or maybe on $500 billion. And in other ways that we can show as a project illustration, the earliest or the first one will be, for example, we call it Project One. In the next one, or maybe in parallel, we may be addressing Project Two, Project Three, Project Four, and so forth. So each project, so each one of the projects, maybe this city in this state, this real estate available here that we would like to create and build a data center and deliver chip systems and also need a supply of power. So that whole project will be addressed by this Stargate project. So the amount is large. However, how are we going to raise such money? Maybe some of you are very familiar on this, but the total amount of the project for those partners of this project will be playing an equity funder and also having a tranche approach by risk so that we'll be able to secure the necessary amount in total. So equity and maybe preferred tranche, very top, most safe product, like senior debt. So below there, we may have some subordinated mezzanine and so forth. Based on each tranche, we will have each respective investors around the world. Some investors would like to go for a better return, even they need to cover some risk, or some investors prefer the safe but steady return. Project finance, when they call it, how much market availability there may be another question you may have. Roughly speaking, in the last two years, we don't have a last year number, but 2022 and 2023 wise, in one year, between $350 billion-$380 billion was actual numbers for a year. The project finance market is such a huge market as well. This time, we will be addressing a project which will build AI infrastructure. Usually, when you call it project finance, you may think of a power generating plant or communication facilities or some production lines. But speaking of infrastructure, compared to communication infrastructure, power infrastructure, AI infrastructure is still new to the market. So how much return can we expect? That's something that we need to speak with lenders and investors, and they will have their own calculations for that. So we would like to design a good instrument which may suit their demand and their preference. Of course, we haven't set the numbers yet, but on an annual basis, JPY 350 billion-JPY 380 billion project finance market is there, assuming that we may be able to raise JPY 100 billion out of that, or if there is any other attractive instrument, investor, of course, that will be going for that. I believe that the product or instrument is going to be very important so that we would like to seek for the win-win design for this instrument so that we'll be able to attract lenders or investors who would appreciate each tranche so that we will be able to work project by project so that we can make a robust result out of that. For us, the money that we need to bear is going to be very bottom, which is equity portion only. Therefore, we believe we will be able to address this. For example, a JPY 1 trillion project is there. JPY 1 trillion project, very bottom equity portion. Depending on the project, however, it can be 10%-20% of the portion can be equity as an example here. For example, JPY 1 trillion project, equity, say 10%, then that's JPY 100 billion. JPY 100 billion divided by four companies, four partners here. So we don't bear JPY 100 billion total. It's going to be tens of billions. So that's the kind of amount we are looking at. So we do like to calculate, and we may be able to expect to some extent how much project. Once we have, for example, JPY 100 billion of the project, how much equity do we need to put? And that amount can be well managed within our financial policy, keeping our financial policy and address that. So that's how we are looking at for our portion. So like we have been communicating with investors and market that the financial policy is always our focus, and we like to pay a very close attention to that to address projects. As technology partners, we have, of course, Arm and NVIDIA, Microsoft, Oracle, together with OpenAI. Those are the industry leaders. It's going to be our key technology partners. Now let me talk about Crystal Intelligence, which was announced by Mr. Son the other day. He appeared himself for the first time in a long time. Earlier this month, together with Sam, he made an announcement. Strategic partnership, SoftBank Group, Arm, and SoftBank Corp, which is our telecom unit. Together with OpenAI, we will work together to drive Crystal Intelligence. What is Crystal Intelligence? We want to accelerate adoption of AI agents for enterprises. So what we want to do is to securely integrate all systems and data of companies so that we can provide the most innovative AI customized for them. And we want to help accelerating their operation processes and improvement of their businesses. More in detail, if you can see the slide, talking about data or information to run the business, a company could have these kinds of informational data, as you can see on the left-hand side, including email, business discussion recalls, meeting materials, etc., and system source codes. So those data will be input into Crystal, and Crystal Intelligence learns to improve the quality of inference, and output would be a capability for a company to transform their business operations and turn them into an AI agent, and they can operate and automate their operations and business management. But we want to try by utilizing a lot of data that we have before releasing to a customer. Looking back 17, 18 years ago when we launched iPhone in Japan, what we did was to have group companies use iPhone, completely change the business phones to iPhones and let them use iPhone for their own businesses before marketing them to the customers. Also, we saved a lot of paper. Again, my point is, if you want to be committed to a particular product, you need to try by yourself before sharing it to customers. So learning from those experiences, we are going to do the same, which is to have SoftBank Group companies use this AI capability and market to Japanese enterprises in Japan. The sales effort will be mainly driven by a SoftBank Corp., and a group will pay JPY 3 billion as an annual purchase. And once commercial products are ready, we have group companies to use the products, and we will get a fee from those group companies on pay-for-use basis. We don't know how much and which of the group companies will use the Crystal, and we need to figure out what would be the most attractive product that we can sell to the market. So that's something that we want to do before releasing it to a commercial market. As for the structure, as you can see here, SoftBank OpenAI Japan will be held equally by OpenAI and intermediate holding companies, which is held by SoftBank Corp, 51%, and by SoftBank Group, 49%. And SoftBank will consolidate SB OpenAI Japan. And we hope that we can get started as soon as possible and start developing a product and want to help transforming all industries in Japan. And SoftBank will have exclusive rights to market the product in Japan. This is Sam's message that he delivered when we made an announcement the other day. This partnership with SoftBank will accelerate our vision for bringing transformative AI to some of the world's most influential companies, starting with Japan. Again, we want to launch the service as soon as possible. Last but not the least, a financial strategy, which remains the same. We adhere to financial policy, maintain LTV below 25% in normal times. We want to maintain at least two-year worth of bond redemption in cash, and we secure recurring distributions and dividend income from SPF and other subsidiaries. This policy remains unchanged. For this year, as the finance unit, our mission is to simplify business operations. We want to keep at the same pace as how business goes. But again, at the same time, we want to really stick to our financial policy. For FY 2024, our financial strategy is to invest for the future to grow net asset value. One example is our investment in OpenAI and Stargate project and Crystal Intelligence. This is just the beginning, and there are a lot of ways to explore, but the goal is the same. As for invested amount, looking at Q3, less than JPY 1 billion or JPY 600 million, but we made JPY 1.5 billion in January. So somewhere around JPY 2 billion is something that we want to see as investment. But after the announcement of Stargate, it depends on how the project goes, but we may accelerate our new investment going forward. Share buyback, which we have been doing for some time. The progress to the max allowance is 42%. In summary, NAV, cash position, net income, big announcement. Again, we want to realize ASI, and we want to lead in the efforts, and we will explore different opportunities, and we will be making steady progress toward th e summit. Thank you very much, and we'd like to happily take your questions. Now we would like to take questions. First, we would like to take questions from the floor. Please wait for the microphone and start with your name and affiliation. For those who are on Zoom, please press the raise hand button and wait for your name to be called. Please also refrain from connecting to other live streams to avoid any echoing. If you wish to withdraw your question, please press the lower hand button. For those who joined in Japanese Zoom, please make your question in Japanese. We would like to take up to two questions per person, so that we can take as many questions as possible. We would like to start from the floor now. On your left-hand side, first row, white shirt. Person, please. Thank you, MJ from Bloomberg. You mentioned that the investment may be accelerated. And regarding Stargate, you mentioned that it's going to be project-by-project basis, but $100 billion execution is going to be the amount, and I believe that the timing or the schedule when the project is decided and how much will be the initial investment amount. Will you be able to clarify on those, please? That's my first question, please. Yes, thank you for your question. If I can talk about that, I would love to. However, the project has not been fully started yet. Of course, there are candidate sites and so on, and we have members that start discussing on that. So the first case, first project, we would like to execute within this fiscal year. Overall project, I said that we have an existing speed of investment pace, either through our balance sheet or through Vision Funds. So there are existing investments going on. On top of that, we have Stargate that we would like to begin deploying with $100 billion, and that is going to be project-by-project, and we will build a little by little. Therefore, that will be kind of incremental on top of the existing pace of the investment. That's why I said we may have some acceleration of the investment amount. As for project, whenever we're ready, when it comes to size, schedule, financing structure, I will share with you, so please bear with us for a moment. My second question, there are many media covering OpenAI new funding round. Are you, SoftBank Group, also participating? So $40 billion maximum may be possible from SoftBank Group to participate in funding round by OpenAI. Do you have any comment about that? And vision. The $5 billion, is that related to maybe a new investment in OpenAI? If I could ask Vision Fund if need. [Foereign language] Yes, let me go first. I know there are many articles, but those are all speculation, and I hesitate to make any questions regarding speculation. And as for investment increase, I believe the commitment increase for Vision Fund, if there is any necessary investment, we can flexibly increase the commitment. So that's also case by case, so that we may also increase. As for Vision Fund 2, we may increase, and it is possible for us to increase the commitment if we need to do so. Is that okay? Do you want Navneet to answer? Navneet, do you have a comment? So I would reiterate the point that Goto-san made. For Vision Fund 2, you're correct in the December quarter, the commitment from SoftBank Group to Vision Fund 2 increased by JPY 5 billion. It wasn't necessarily for any particular investments or the pipeline. As you know, in 2024, we made 22 new investments in a lot of AI companies, and this is to continue to allow Vision Fund 2 to continue investing in AI companies. Thank you. Next, from the floor, Morita from Toyo Keizai. First question about Stargate project finance. You mentioned that you design financial instruments that are attractive, which is very exciting for me. But when it comes to designing debt finance instruments, is it going to be led by SoftBank Group? And you mentioned that a building data center like in Texas, have you executed project finance for that particular data center in Texas? You are right. As for finance, SoftBank will take a lead in terms of finance. So my team will play a key role, leveraging their expertise and experience to work on financial instruments. Site-wise, we have not finalized, and whenever we can communicate with you, we will let you know. Second question about ASI. Looking at the presentation and second quarter, I remember you mentioned three things: data center, chip, and robotics. And you added electricity or power in your presentation. What was the background? For example, nuclear fusion, Helion, which area you are most interested in in terms of electricity or power? Or more like investment in power company, for example. I think both could be possible. For example, someone like Helion that has technology, but that technology to use nuclear fusion for electricity power is not validated for commercialization. But that demand is there in terms of power and electricity. And the Stargate project, we are looking at about four years as a term, but it's hard for us to predict how the technology evolves. For example, nuclear fusion technology, is it going to be validated sooner rather than later? Then we need to make a business plan to address such technology as nuclear fusion. Some people said that it takes three years. Some people said 10 years, 30 years. We don't know when such technology is validated, so we cannot wait until then. So we have to be flexible in line with technical evolution. Not only helium, but also we are exploring opportunities in the tech sector, and we want to make an investment through Vision Fund. The project size is huge, but we want to make sure that the project is very narrow-focused. Thank you. Then next question. Second row on your left. My name is Bright from Diamond. My first question is about joint venture with OpenAI. So as a usage fee, $3 billion or the 450 billion JPY to be paid, and SoftBank Corp, other group companies are going to pay SoftBank Group based on pay-per-view or the pay-per-use. So this $3 billion, this may be a bit different way of using money compared to the past investments by SoftBank Group. So this is not an investment. This is going to be expense, I believe. Is that correct? Also for this expense, I believe that I want to ask you how you're going to? Is it going to be effective in terms of expense? As a CFO, how do you look at this way of using this money? Is this regarded like an R&D type of expense or that you are not expecting the immediate return out of it? Or this is going to be sales for the joint venture, so it is okay to expense this amount or so. So this $3 billion of expense, how are you looking at that money? That's the question I have because the way of using money is a bit different from I used to understand from SoftBank Group. As a compensation for AI service, so of course, like you said, this is going to be expensed. $3 billion per year, how are we going to pay has not been finalized yet. First of all, we don't have a service available yet. In a few months or when that we're going to be able to use this service? How are we going to pay for pay-per-use basis? How are we going to set the pricing scheme? That's also going to be finalized. SoftBank Corp may use a lot, so it doesn't mean that the large expense needs to record. Miyakawa, CEO of SoftBank Corp, mentioned several times in his earnings that it's going to be pay-for-use, and we don't know, or they don't know, how much they're going to use. That is something that we can discuss internally. We're going to be kind of the experimental, and we kind of take it to SBG. SBG is a small company as a holding company. We will not be using a large portion of it anyway. We will be asking those operating companies to utilize. But we do need a little bit more time to finalize all that. Let me go into much detail. $3 billion, that I believe is going to be recorded as a sales of the joint venture. If that's the case, R&D, it's not going to be gone because I don't believe that it's going to be break-even right away, so that those money is going to go on for the development cost and everything in the meantime. That also is a kind of an ongoing discussion. How much money from the JV point of view, who is receiving this money, how much cost they need to expect to provide such a service? That's based on that, they may be able to see some margin, or they may just go break down, or they may go loss. That's another thing that we need to take a little bit more time to think about that. For my second question regarding Stargate, $100 billion to be the first deployment. Then the equity portion is the SoftBank Group's portion I heard. And that to be decided project by project, you mentioned. But looking at the graph that you show us, compared to total amount, equity portion is going to be quite limited from my understanding, only looking at the slide. So just for my reference, for $100 billion, are you going to be bearing just a little bit? And how much that will be? Do you have any kind of a good guidance within the range? How much financing do you need to do? I believe the SVF portion will be raised by SVF on a project basis. That's my understanding. Is that correct? Can you give us a kind of estimates? The project for the Stargate, and we are going to have project one, project two, project three, and on. For each project, we will be structuring the financing by ourselves. When you look at project finance world, each respective project may differ when it comes to how much equity portion is necessary. That varies, but still in total view, it's going to be minority, of course. We have to kind of once do, otherwise we cannot really tell. I don't want to go numbers first, and that goes on. For example, we have a company called SoftBank Energy, which is a power generation company in the United States. So they have their own power generating project one by one. So equity portion for that, sometimes one digit, sometimes teens, sometimes twenties. So it always varies based on the project. But what I can say is that it's still the minority. Equity is going to be minority. And that will be shared among those four partners. So based on that basic understanding, it won't be a huge amount of money. Let me add one more. So equity ratio may differ by project, you said. And by project, equity ratio is going to be decided. And as SVF, you will decide whether you're going to raise money or you use your own cash on balance sheet. Is that kind of a way of decision-making? So you have a significant amount of cash position right now. So is that going to be within that cash position, or are you going to raise outside of cash position? So the money out of our cash position is going to be on the equity portion. So we are not going to be building a bridge for the total amount or anything like that. That's not our understanding. So from the beginning, we would like to set the structuring of the financing, setting the participants, and address that. So that's the project finance schedules or the milestones that we understand. So by project finance, SVF portion is going to be decided, and SVF will raise money outside of the company by project. So project, it's not us that we are leading this financing. It's going to be project actually leading the financing. It's going to be non-recourse financing. So it's not us that are leading the finance. Our portion is going to be limited to equity. That's kind of the main part for this structure. Thank you. Thank you. Any other questions from the floor? Thank you. Shikata from Nihon Keizai. I have two questions. Nihon Keizai Shimbun. And first, it's reported that Elon will propose to buy OpenAI at $97 billion, and Sam Altman shows he's not going to accept that offer. So actions like that by Elon, do you think that it would have an impact on Stargate feasibility or other projects that you want to proceed with? Yes, we heard the news, and we were a little bit surprised. And Elon has his own AI vehicle. So that means he can be our competitor. In that sense, something like this could happen. But it's up to OpenAI to make a decision. We will see how it goes. Following investment in OpenAI, even more, it's kind of speculation, so we cannot answer to the speculation at the moment. Next question is about you mentioned that you were friends from talking about further following investment in someone like OpenAI and Stargate. It seems like you are confident with financing the project. But when it comes to investment size as big as JPY 5 trillion, then I wonder you are going to enter the stage where you will accelerate talking or communicating with potential investors globally. You were talking about our cash position when you said JPY 5 trillion. Yes. In fact, too plenty position that some people may say, and some people may say that it's inefficient if you have too much cash position, but we want to make sure that we are flexible whenever, wherever something happens. Of course, going forward, as we spend, then the cash position will decrease. But still, we are in a very safe area. Two-year bond redemption is about JPY 2.1 trillion. We have way more than that. On top of that, we have JPY 34 trillion or JPY 33 trillion of net asset, obviously not including borrowings. And ARM is going to continuously grow, and OpenAI continues to grow, and PayPay and other vision fund portfolio companies will continue to grow. And those could give us more opportunity for us to finance. We could have more options. And we need to continue investment. We need to see the plan to cultivate in one, two, three years ahead. So the investment style may be different from other investment companies, but again, net asset value is the key. And we want to keep net asset value even though we continue to invest. Any other questions? On your right-hand side, first row. Toyoshima from TV Tokyo. So maybe a bit redundant from your explanation. Stargate project, Elon Musk saying that you cannot raise such a huge amount of money. And do you have any response to that? Do you have any message to him? And if so, there may be a debt financing, and you say that your participation is just a part of it. But if you may have difficulty raising from the other members, and because Musk has made a commitment to the Trump administration, how much risk would you be willing to take? And $100 billion, how are you going to make your commitment in maximum amount-wise? First, I saw Mr. Elon Musk's comment. And I don't believe that any emotional response will make any good results, so I just wait and see how it goes. We have a long history of addressing project financing, and we have a lot of experiments. So maybe you can wait and see for that. And for your latter half of the question, having Stargate project start, we may face a difficult moment for debt financing. But if we have faced the difficult time for debt financing, we should slow down the speed of the project. Probably that will be the way because this type of product may be very much acceptable for the debt financing market. And if we face the difficulty, meaning that the financial market itself may be in a difficult situation, so that we shouldn't make it too much stretch. And Mr. Elon Musk mentioned about the unsolicited bid. And I believe that your position is to just wait and see how it goes. But SoftBank Group, you are the Sam Altman side. More specifically, we are partnering with OpenAI for this business and for this joint venture. No change about that. And we are not having any conflict or anything with Mr. Elon Musk. So that's just plain relationship. And DeepSeek are successfully developing the very reasonable price of the AI. And you said that the competition is welcome. But for the long-term vision, is that going to be a negative impact on your strategy? DeepSeek is recently drawn attention by everybody. So it's quite recent, and we need to see how they're going to be valued or how they're going to be evaluated. That's something that I would like to take some time to see. And competition is always there anyway. As Sam Altman was commenting, that having a good service available in the market is good things for the industry. The important thing is we just pursue the better service for the market. I think that's very well said. Thank you. Any more questions from the floor? Asamura from Nikkei Business. Question about the Stargate project, more particularly about power electricity. You mentioned that nuclear fusion is not a validated technology. But I think a realistic solution for now could be to utilize a nuclear plant. What do you think? I think nuclear power is a lower, very lower priority in terms of options. Or you are looking at renewable energy instead? Yes. Through the SoftBank Energy, we have been working on renewable energies mainly. And going forward, renewable energy should be the first to be leveraged going forward. The second question about Crystal Intelligence. At the press conference, you mentioned that one company in one industry as a start. I wonder since then, how many inquiries or requests from other companies? We are checking, and we are not ready to disclose how many companies are approaching to us. I believe that SoftBank Corp will make an announcement when the time comes. Any other questions from the floor? Then that's all from the questions from the floor. Now we would like to go on to the question from the Zoom. To avoid any echoing, please disconnect any live streaming. If you are watching this in Japanese Zoom, please make your question in Japanese. Now we would like to take a question from the Zoom. Mr. Sato from Nikkei Asia. Yes, this is Sato speaking from Nikkei Asia. Can you hear me okay? Yes, thank you. My first question is about Stargate. I believe that the main part is investment in data center. As far as I understand, looking at the current growth of the data center, this is mainly for the learning for the GAFAM. The Stargate data center may be aiming for inferences. Are you going to put the Crystal Intelligence onto it, or is it ChatGPT? Which product are you going to sell based on the Stargate? Infrastructure user for Stargate is going to be OpenAI. So they will be able to enhance the speed of development they are needing in huge computing power. This is a project for that. As I mentioned earlier, there will be three portions. The biggest one will be system with chip in data center. That will be probably the most expensive part. On top of that, we need a box for that, which is data center. We need power to run this data center. All combined, we call it as a Stargate project. So the user is going to be OpenAI, and they will be utilizing this infrastructure to develop their services and products. So is it mainly used by OpenAI? As of now, yes. Understood. Thank you very much. My second question is about Arm. Arm is making very steady progress, including share price. And to further enhance the additional value, you may want to contribute to more AI data center or GPU. So in that world, you may want to extend your business. So what is your strategy for that? And SoftBank Group is very much now close to OpenAI. And is there any synergy between OpenAI and Arm? Can Arm make any contributions to that, Jason? Hello. So certainly there is opportunity over time. I would say right now, initially with Stargate, the biggest opportunity for Arm is we are going to be the CPU of choice. And so when you look at the technology partners, that is going to be our primary contribution. And when you do the math on $500 billion of investment, that's going to be millions of GPUs, and every GPU has to be paired to a CPU. So that's a pretty significant near-term opportunity. In terms of ability to get into GPUs, that's certainly a possibility, but certainly nothing that we've actually disclosed our intentions about at this time. Any technical synergies with OpenAI? Right now, I believe you just mentioned a business opportunity, but any synergies, technological synergies with OpenAI? Yeah. On the Crystal project or Crystal Intelligence, we are providing Kleidi AI, which is a library that allows developers to be able to develop very, very quickly in terms of ultimately what some of the end applications could be. That is actually certainly something that could benefit Arm significantly. When you think about inference, the majority of inference actually happens on the edge, meaning it happens on smartphones, on PCs, in cars, robots, etc. And so the opportunity specifically with OpenAI is to try to push as much of the inference to the edge. And because Arm is the most ubiquitous CPU platform, and we believe most of the edge inference is typically a CPU workload, and that's because these are mostly devices that are power constrained, and many of them are on battery. And so as a result, they are going to rely on a CPU. So that's certainly something that will benefit us. So yes, there are many different synergies that we're working on. And I would say stay tuned for what some of those different applications will be. Thank you very much. Next question from the Zoom, Mr. Miyoshi from NHK. Again, my question is, why OpenAI? You made initial investment, following investment, and a new business or partnership. So you mentioned that we should look at the monthly web visit. There are a lot of AI players in the world. In order to deliver ASI and AGI, do you think that OpenAI is the closest to realization of AGI and ASI compared to other AI players? Goto-san, what do you think? Y es. I believe that you are looking at the chart once again here. So I think it's going to be very difficult for other competitors to catch up. It takes time. OpenAI is that much welcome and well accepted. Who should we partner with? There's no doubt, OpenAI. Thank you. Thank you. This concludes the SoftBank, sorry, this concludes the question and answer session. Thank you very much. SoftBank Group Corp earnings result announcement for the nine-month period ended December 31st in 2024 is now concluded. Thank you for your attention. The video footage of this meeting will be distributed on demand from our corporate website. Thank you once again for joining the SoftBank Group Corp earnings result announcement for the nine-month period ended December 31st, 2024.