Thank you very much for waiting, everyone. Now, we'd like to start the SoftBank Group Corp. earning results announcement for the three-month period ending June 30th, 2025. First of all, I'd like to introduce today's participants. From left, we have Yoshimitsu Goto, Board Director, CFO, CISO, and GCO. [Foreign language] Kazuko Kimiwada, Corporate Officer, Senior Vice President, CAO and CSO. Navneet Govil, Executive Partner and CFO, SB Investment Advisors and SB Global Advisors. And Ian Thornton, IR Vice President, ARM Holdings plc. Today's announcement is live broadcast over the internet. Now, we'd like to invite Yoshimitsu Goto to present you the earning results and business overview. Thank you very much for joining us despite the busy schedule. I'd like to give you a presentation. Again, my name is Goto. Very nice to meet you. The era is AI, and our focus is definitely AI. We are trying to expand into different areas from AI's perspective. Looking back in 2016, Google's AI AlphaGo shocked the world by defeating one of the top Go players. It was a milestone moment, and that symbolized AI's evolution toward intuition and creativity, which was thought to be unique to humans. The year 2016 was around the time that the third AI boom took place. As you can see, the top part is talking about a history from a technical perspective, and the bottom part is from SoftBank Group Corp.'s perspective, what we have done in that time frame. Currently, we are in the fourth AI boom, and Gen AI, like ChatGPT, is up and running. The same year when AlphaGo defeated one of the top Go players, we acquired ARM, marking our deep and lasting commitment to the world of AI. Since then, we met OpenAI, and through the SoftBank Vision Fund, we've steadily built a strong foundation, investing across a wide spectrum of AI-related companies. In 2020, Masayoshi Son at earnings call said that those who control AI will control the future. In 2020, not so many companies were looking at AI, especially in their businesses, but we made a commitment that we will drive AI-oriented strategy. The AI investment we began nearly a decade ago is now bearing fruit, reflecting the growth of our NAV surpassing JPY 38 trillion, driven by ARM 's growth and good performance of the portfolio companies of the SoftBank Vision Fund. At earnings call, I don't often talk about share prices, but looking back in February 2000, SoftBank Group Corp. hit the high share price, and that time was called the IT bubble or net bubble. It was a memorable year because in February 2000, I left a bank that I worked for a long time. At the end of May or June in 2000, I joined the SoftBank Group together with Kazuko Kimiwada, who was my mentor. Through the history, what would happen since then? In the last few weeks, our stock has been performing very well, and we hit 12,560 as of today, which was the record high. Share price and market cap have a very significant market cap. Market cap Market cap represents our value, whereas share prices, from investors' perspective, they are obviously interested in how share prices go. That's very important for shareholders to calculate return. Share price is important, and the relationship of market cap and NAV is also important. If you look back, as you often indicate, SoftBank discount or NAV discount are rather big. The gap between NAV and the market cap is around 40%. In fact, until quite recently, it was over 50%, but the gap has been narrowing, which is good. I think that people start to realize the direction we are trying to go to is correct. In fact, as of today, the discount is 39.8%. For the first time after a long time, we see a 30% level of discount. With that, let's take a look at the first quarter, FY 2025. First, net income JPY 421 billion, huge improvement year- on- year by JPY 569.1 billion. ARM share price increased, pushed NAV to JPY 32.4 trillion. Despite major investments, including investment in OpenAI, loan-to-value improved to 17.0%. Cash on hand improved as well. Finance-wise, while we are making big investments, we are looking at better finance and NAV increase. From a finance perspective, we are having a good momentum, and we continue to pursue NAV growth with ARM and OpenAI as our dual engines. Consequently, we want to contribute to SoftBank Group Corp.'s value as a corporation. Now, let me begin with the consolidated results. We don't look at our revenue or net sales so often, but it's better. The gain on investment change was going down, but still good. Income before income tax 689 billion, huge improvement since last year. Net income 421.8 billion, again, huge improvement. By quarter, if you look at the history of gain or loss investment and net income, we are an investment company, and the investment company will go through ups and downs. Looking back the last five quarters, you see we are delivering a very steady growth. One of the impacts on net income is a forex gain or loss, which is rather significant. From March to June, the yen increased from 150 - 100 or got stronger from 450 - 145 level. For the first quarter of FY 2024, it was the other way around. We posted net loss of 443 billion, whereas we posted a net income or forex gain in the first quarter. Ultimately, the performance of our investment should contribute a lot to the overall results. Let me touch on the key indicators. Which are the important key indicators that we are referring to? Net asset value, JPY 32.4 trillion. So about the increase of about JPY 6 trillion. Loan-to-value 17%, very steady base. As I mentioned earlier, although we made quite a large investment, but still we were able to maintain very stable loan-to-value. Cash position increased with the various asset monetization that has been taking place for our financial strategic point of view. Net asset value, sharing a little bit longer period. So JPY 32.4 trillion is quite high compared to the past. Latest wise on your far right. Share price a little bit weak these days. Therefore, that is a performer-based JPY 29.6 trillion. We are not worried for the short-term period ups and downs. Rather that we always focus on the long-term vision. Loan-to-value also from the past. These days, as we increase investments, loan-to-value is a bit of an increasing trend. Right now, current level like 18%- 17%. As of today, loan-to-value performer basis 18.4%. Around this level, we believe that we have no issues, no problem at all. Cash position, while we're making investment activities that we have some decreasing trend, but still a little bit of share of JPY 4 trillion cash position maintained. Therefore, that again, we believe we've been able to maintain a very safe level from that point. Now on to Vision Fund. Gain and/or loss on investments. This quarter, $5 billion result this time. Actually, each respective fund, Vision Fund 1, Vision Fund 2, LatAm Fund did make a good increase. The largest one is Vision Fund 1, $3.5 billion. Vision Fund 2 actually had suffered in the past, but now that we are seeing a very good positive number this time of $788 million. Let me go into a little bit of a detail. Vision Fund 1 on your left. Largest portion are from public portfolio companies, including Coupang in Korea. Increasing share price of Coupang has been a big contributor for Vision Fund 1. On your right-hand side, Vision Fund 2. Of course, there are several issues, several reasons. For the public portfolio company-wise, Symbotic was one of the good contributors for Vision Fund 2. Each respective portfolio companies, they are very much AI-focused, and they are actually increasing in their value one after another. Especially for Vision Fund 2, we are looking at very exciting companies. For example, OpenAI has been invested through Vision Fund 2. PayPay in Japan also invested from Vision Fund 2. Those are portfolio companies that we have very strong expectations for the future. That makes us very much excited and also highly expecting on the good growth in Vision Fund 2 as well. Here, with the recovery of the Vision Fund gain and investments, we see a good trend to increase and showing good positive figures here, recovering very steady basis, which makes it a very good quarter for Vision Fund and SoftBank Group. Vision Fund 2 and other investment return, which I regularly show you at the earnings. Vision Fund 1 for the investment cost of $89.6 billion, it has grown to $116.6 billion. Even with the March end comparison, it is increasing a $3.6 billion quarter- over- quarter. On your right-hand side is Vision Fund 2 and LatAm Fund. $78.2 billion investment cost, and still investment return stays at $55.8 billion. We do need a further effort on this. Compared to the quarter before, actually, that is increasing by $11.5 billion. The fund itself is showing a good sign of growth and increase in returns and values. More specific portfolio company-wise for this quarter, we have two IPOs. Both are fintech companies, eToro and Chime. Late-stage portfolio companies on your right-hand side, some of the fair value of those are $45 billion, which includes OpenAI, PayPay, ByteDance, Fanatics, Kintana. Those are the late-stage portfolio companies. There are already companies that made a public filing, such as Klarna and Lenskart. There are also good expectations to go public. We have a good expectation on those late-stage portfolio companies. At the same time, we're doing several seedings to the AI-related companies, and we are also expecting on those to grow. Those two companies that made an IPO this quarter, Chime and eToro. On your left, Chime. This is the leading U.S. neobank providing customers with low-cost mobile-first banking services. eToro, a personal investing platform opening the world's markets to everyone. After the IPO, of course, the share price goes ups and downs, but actually both already showing a performance exceeding the IPO pricing. We are very relieved to see such a trend. PayPay, in one word, progressing well for IPO preparation. Because they enter into IPO preparation, I cannot say anything further more from here. I cannot say what timing or venues or whatever, those questions. I cannot answer any of those questions. Please do understand. Thank you very much. Making very good progress. I am also a member of the board for PayPay, so I also can enhance that it is making good progress. Results-wise, number of registered users, 70 million users achieved, which is quite a number, I believe. More than one in two people in Japan are using. Actually, two out of three smartphone users in Japan are using PayPay. Of course, some people are using more than two smartphones, but still, two out of three smartphone users in Japan are using PayPay. That actually explains the good coverage by PayPay to Japanese people. The two KPIs that I can share at this moment, GMB on your left-hand side. How much products have been addressed by PayPay? JPY 4.5 trillion this quarter. Actually, 24% year- over- year. It is making a very good progress trend. On your right-hand side, EBITDA. Here too, increased by 87% year- over- year. Amount-wise, JPY 21.9 billion. Those pages that we just shared actually reconfirm that they are very much making good progress in preparation of IPO. Next, ARM. Revenue was good, driven by royalty revenue growth, which increased 25% year- on- year. Adjusted operating income was slightly lower than last year, and that might draw attention of ARM's investors. As you all know, it was due to increased R&D investment for future growth. That is a good investment to capture future growth. Necessary cost needs to be spent now so that we can gain fruits later, which is what SoftBank is good at. ARM is doing that as well. They are doing on their own. At the management level, we are communicating with each other. Long-term growth is something that we expect ARM, and we actually encourage ARM to spend the money for future growth. From a business perspective, Compute Subsystems or CSS is a key driver. CSS is an integrated RP package that includes multiple ARM CPUs. CSS helps customers shorten development time and reduce cost. It shows the number of contracts they have acquired. 16 may seem small, but those customers are large companies. I believe that the count has significance. Five are shipped at chips, and that contributes to the expansion of royalty revenue. ARM is also gaining market share in the cloud segment. If you take a look at the left-hand side, ARM -based chips, known for their performance and energy efficiency, are being adopted by AI infrastructure leaders worldwide. We expect about 50% or more of server chips introduced by major hyperscalers this year to be Arm-based. On the right-hand side, the number of enterprises using Arm-based chips for cloud processing has grown more than 14 times since 2021, exceeding 70,000 in 2025. You can see a rapid growth. Arm is quickly becoming the core platform for AI-era cloud infrastructure. Arm's guidance is $1 billion - $1.1 billion in revenue for the second quarter, implying about 25% year-on-year growth at the midpoint, which is pretty good. Adjusted operating expenses are expected to remain a little bit high due to, like I said, continued R&D events investment. We are confident that this strategic investment will lead to strong long-term growth. We again have a high expectation from Arm. Now, OpenAI. To remind you, if you can look at the left-hand side, investment commitment is $40 billion, of that, $10 billion to be syndicated to external investors, whereas our investment will be $30 billion. That's the framework. The first closing took place in April, and the first closing was $10 billion out of total. As SoftBank, $7.5 billion and $2.5 billion for external investors, and the first closing was successfully completed. The second closing is planned in December when the remaining $30 billion will be invested by SoftBank, $22.5 billion, and up to $7.5 billion from syndicated investors. This has been going very well. If you take a look at this slide to show how it's going well. We started with $2.5 billion for syndication, but it turned out $5.7 billion for the first syndication. The excess will be allocated to the second closing. A lot of leading investors show interest, and we are looking at a good shareholder mix. Excuse me, investor mix. Talking about OpenAI's business growth, which is amazing. The March number was a public number, and the weekly active user as of March was 500 million. At the time of August, it is expected to reach 700 million. I believe that their speed exceeds their competitors. OpenAI's value should be reflected by this rapid growth. Annual recording revenue, or ARR, of OpenAI, or the latest one-month revenue times 12 months, is expected to reach $12 billion, which is not a public number, but some people expect the ARR could reach $12 billion from $5.5 billion as of December 2024. Huge growth. That should be a strong backbone for their finances. It's been only two and a half years since the release of ChatGPT. Amazing speed, isn't it? We have a very strong relationship with OpenAI, driving the AI business forward, which is great. OpenAI introduced the ChatGPT agent recently that combines three capabilities: search, organization, and conversation. This agent can think and act autonomously to complete a given task. As for use cases, for example, product purchases, this agent can do research and place an order on behalf of users. They can create slides quickly, and they can improve efficiency of operations and tasks. This agent is something that we keep an eye on. We want to accelerate AI revolution, our strong focus. OpenAI is not just an investor. For us, OpenAI is one of our most important partners in the AI revolution. One example of our collaboration is the Cristal intelligence platform. We are preparing to deploy this platform group-wide within SoftBank Group Corp. As you can see on the left-hand side, we have 50,000 employees from our company. Parent company's perspective, it doesn't feel real, but we have 50,000 employees and 100 million customers, and we have 2,500 systems. That's probably the reason why we need a lot of systems. We want to build 1 billion agents by the end of the year, and we are working so hard to reach the goal. SoftBank Corp. Mobile Operator is looking at a call center use case. There are a lot of campaigns going, and there are a lot of products and services, and there might be some errors and troubles. An AI operator who has good understanding and knowledge about history and the current status, an AI operator may work much better than human operators to address problems or meet customers' needs. At LINE Yahoo, they're looking at the Kumos agent as a new use case. That agent has a deep understanding of users, recommending the best possible products, and how to purchase and how to use the products. Those are some of the use cases that our group companies are looking at in terms of AI agents. We are excited. We're kind of scared, but excited to see how our group is going to change or transform. That's where our project Stargate comes in, with the concerned parties' technology products, sites, real estate, construction, regional government, national governments, with lots of discussion with those concerned parties that we are here to work on this project. At the three months before, what I can say is pretty much the same story, but the major sites have been selected in the U.S. How can we address to build a data center, making a priority order, and do the designings, and so on? To be more specific, of course, we are working on in several states that we are working on, and the size is relatively large. To proceed all those, we do need a kind of test running as well. All the preparations are taking place at the same time so that we will be able to make a good success. Although it may be taking a little bit more time than we originally expected, we would like to make sure that we will be able to make good progress on this. Now on to financial policy. Financial policy, which is the base for our financial strategy, has not changed at all. Maintain a loan-to-value below 25% in normal times. As you saw earlier, we are around 17% - 18% level. Maintain at least a two-year worth of bond redemptions in cash. Again, in the earlier page, our cash position is about JPY 3.7 trillion, which has more than enough to cover a two-year worth of the bond redemptions at this moment. The investment amount for this first quarter, mainly because of OpenAI, of $7.5 billion, about JPY 1 trillion equivalent. That is why the investment amount for this quarter was $8.4 billion. Compared to the past quarter, actually, it made the largest investment compared to these recent quarters. To proceed these investment activities, as an investment company, we do need to monetize and divest and invest. That cycle is necessary. Divestments and the investments are not always aligned in terms of timing. We always seek to find the best timing to do so. For that timing, we have some gap, which will be filled by asset-led financing, including the bank loans, asset-backed financing, and all those schemes. Divestment and the new investment activities, we would like to optimize the timing of those by doing so. That is how we manage our financials. Monetization of our assets. This time, we have sold T-Mobile shares in June and August, two times in total, $7.8 billion. That proceed has been back to us. Deutsche Telekom, DT Shares, is also being used for derivative monetizations, which is so-called color transaction, which is kind of similar to forward transaction. Partially, we have already monetized. This time, the remainders, we have made an early unwind to make EUR 1.2 billion cash received in lump sum through this early unwind transaction, which also contributed to the improvement of our balance sheet. Not only making new investments, but not only increasing our debt, we would also like to see divestment to keep our healthy balance sheet. Another topic was the share buyback program that we've been working on for about a year. The deal came this time, and we completed our share purchase program, which was also made by our public announcement. Originally, this program was JPY 500 billion. Actual acquisition was 42.03 million shares. Amount-wise, about JPY 330 billion. At the time we started this program, our intention for this buyback program was that because back then, last year, share price declined largely. For that large drop of share price, we wanted to show you that we are the company that can make an immediate reaction to such a situation. When we see the sharp drop of share price, that's also a good opportunity for us to do our buyback program. That's why we executed our buyback program. After then, fortunately, our share price has recovered since then. JPY 7,800 for the average purchase price for this buyback program. In the past two months, there are kind of a target price, of course, for the acquisition of share price. Actually, the share price itself exceeded and grew even more than that. We believe that that completes our mission. Therefore, we have decided we have completed our buyback program with the amount of JPY 330 billion. Going forward, shareholders' return is very important for us. Strategic investment, improvement of balance sheet, and also shareholders' return is a very important agenda for us. New investment activities, return to shareholders, and also the improvement of the balance sheet, which is to return to our debt holders. The balance of those three is going to be very important. That will make us decide the timing or the actual program placements of the buybacks going forward. Share price, as we shared with you in the very beginning of this presentation, we have updated our record high since IPO. Today ended at JPY 12,560. Under such an environment of hitting a record high since IPO and having this earnings announcement, we don't want to see the drop tomorrow, the day after earnings. Still, we very much focus on the mid to long-term growth. There may be some ups and downs anyway. Good news is very good news, of course. We would like to continuously see the maximization of our net asset value, which is one of the most important KPIs of ours. The NAV discount, which is another thing that I have mentioned in the beginning of this presentation. Last year, first quarter, our discount was 57%. In July to August, we are making a very good improvement of NAV discount. Right now, as of today, the pro forma base is 39.8% discount. This is another thing that we would like to continuously focus on. What is necessary to focus on this discount is the strategy of the company, which includes our AI business strategy or our company's strategy. Once that's understood, then I believe the discount will be narrowed down. That accountability comes to us. We would like to make sure that we will be able to work on narrowing down our discount from a finance point of view, investor relations point of view, to our stakeholders and to the market. We would like to be able to provide the good, real information to be able for stakeholders to understand our company and business. The highlights, once again, to wrap up: net income of JPY 421.8 billion. Net asset value climbed to JPY 32.4 trillion. Loan-to-value improved to 17%. Pursuing NAV growth with ARM and OpenAI. We would like to continuously focus on the growth of our business and the company. At the shareholders' meeting back in June this year, he said we would like to aim to be the number one ASI platform provider after 10 years. What he means is that we would like to become the very core of the industry. For example, hyperscaler companies like Google, Apple, Microsoft, Amazon, Meta, those, they are also the platform. In 10 years, we will be seeing the ASI era. There, we would also like to show and become the very core of that industry and the business. To become such a presence, we need to back calculate 10 years back. What we should do now, that's something that the masses always do to achieve what we would like to be in 10 years. That's something that we are working on for those preparations every day. ARM, OpenAI. Those two companies, together with them, we would like to show the good presence in the AI industry and AI business. This is our corporate philosophy, once again, to recap: information revolution, happiness for everyone. Thank you very much. That concludes my presentation. Now, we'd like to take questions. First, we'd like to take questions from the floor. Please wait for the microphone and start with your name and affiliation. For online participants, please access Zoom as instructed earlier and press the raise hand button and wait for your name to be called. Please make sure that you refrain from connecting to other live streams to avoid any echoing. If you would like to withdraw your question later, please press the lower hand button. For those on the Japanese Zoom line, please make sure you ask questions in Japanese. We'd like to take up to two questions per person so that we can take questions from as many people as possible. First, from the floor. Yagi from the Nihon Keizai newspaper. First question is about the portfolio strategy. Vision Fund has been performing well this quarter, but one media said that liquidation of the Vision Fund portfolio was happening. The first closing of OpenAI was from Vision Fund 2 you mentioned. What is your portfolio strategy going forward? By using your own balance sheet or utilizing the Vision Fund? Thank you for your question. Which vehicle we should use for investment? In principle, if we can expect exit from an investor, we would use a fund. We might use our own balance sheet if we don't expect a soon IPO or exit. Sometimes, some combination is needed. We make a decision after a thorough discussion at the management level. The second question is about Stargate. You sound a little bit negative, but Stargate Norway was an announcement by OpenAI to build a data center in Northern Norway. I wonder if that deal was something that SoftBank is involved in. Also, expansion to UAE might be a possibility. Other than the United States, is there any update that you can share with us with regards to how you're involved? We are not involved in the Norway thing. OpenAI's expansion to such areas can be possible. I suggest you talk to OpenAI directly. About UAE, at the moment, we are not taking lead in such opportunities. We are pretty much focused on the U.S. We'll try to keep you updated on what we are doing in the United States. Thank you very much. Any other questions, please? On your left. My name is MJ from Bloomberg. I have two questions. First, Ampere acquisition. FTC in the United States is asking the very detailed screenings in Ampere acquisition. What is the status of this discussion or acquisition process? Yes, as for Ampere's schedules for closing of the transaction, there are several discussion agendas there. We are expecting to be able to close by around the latter half of our fiscal year, this fiscal year. There is some media coverage regarding the reviews and so on, but that's all included. We've been communicating with Ampere and looking at the latter half of this fiscal year as the kind of schedule we have in our mind at this moment. Another question is about Vision Fund. I switched to English. The Vision Fund spent $7.5 billion on OpenAI. I'm wondering how much more money Vision Fund 2 has to spend on either further on OpenAI or any other sort of investments for the rest of this year. Thank you for your question, MJ. As you know, over the years since we launched Vision Fund 2 in 2019, the commitments from the SoftBank Group have gradually increased over the years. With respect to OpenAI's second tranche funding that's expected to take place in December, as Goto-san said, we haven't yet made a decision of which vehicle we will invest from, whether it's going to be from the SoftBank Group's balance sheet or Vision Fund 2. The funding is actually fungible between any of the SoftBank entities. Vision Fund 2 is primarily owned by the SoftBank Group, so it doesn't really matter. As Goto-san said, historically, what we've done is for minority investments, we typically do those through the funds. Control investments are primarily done on the SoftBank Group balance sheet. In this case, we have not yet made a decision. We don't know yet how much you guys would have left for the Vision Fund for other investments, right? As you know, the Vision Fund commitments have continuously gone up over the years as we find our pipeline for new AI investments increases. The commitment levels to Fund 2 can continue to go up. Thank you. [Foreign language] Any other questions from the floor? We don't all know from the Yomiuri newspaper. A question about Project Stargate in progress. Goto-san mentioned that Project Stargate has been going slower than usual. What is the main reason why it's slower than usual? You expect to accelerate. Why do you believe that the Project Stargate can be accelerated? The Trump administration announced that they would impose a 100% tariff on semiconductor-related businesses. I wonder whether the Trump administration's policy could have any impact in any way on Project Stargate. Yes, a project progress of the Project Stargate. I said slower than usual. That was my feeling, my personal observation. One of the reasons is site selection. Of course, there are a lot of options, and it's been taking time to select good sites. There are a lot of stakeholders to build consensus. We need to have a lot of discussions. Also, technical issues and construction issues. There are a lot of things that we need to look at. Once the model is built, you can repeat the model. That's true to project finance, for example. The first project finance would be a model case for the following project finances. We want to deliberately spend the time to build the first model successfully. Also, we need to look at how you test the project to make it successful. Eventually, looking back, you may think that it was taking more or longer than expected, but we don't have to worry about that. About the semiconductor and the tariff, I don't think that there's no impact at all. There might be some impact, but there's no point to worry about that. Maybe the project budget may be needed more than we thought, but I think we'll see how it goes. My follow-up question is Oracle for the Stargate 1 was what Oracle talked about. What Oracle does and what OpenAI does, how they are positioned, where are they positioned for the next 10 years? $500 billion was the plan. In principle, the project members include Oracle. They made an announcement referring to Project Stargate. The Stargate Norway, like somebody mentioned, if they have the same vision working on something, we should appreciate that. We should respect that. Whereas Oracle made an announcement on their own data centers, which is fair. We should focus on wherever we are involved in. Thank you very much. Next question. On your left, the second row. Thank you for your explanation. My name is Makina from NHK. Related to the previous question, Project Stargate. The current schedule-wise, do you have anything that you can share with us? In the overall schedule, we have no change in that. At the time of our announcement, we said JPY 500 billion over four years, and it's kind of a target that we would like to aim to achieve. How fast can we achieve that, and how can we address that? That's our position, and we have no change in that. This is quite a time-consuming project. It's not something that we can do overnight or anything. We need to, if it's a construction project, once we launch and then we complete the construction, then we launch service. That will take us a minimum of a year to 1.5 years. The longer one may take 3-4 years. JPY 500 billion over four years is still the same target we have. How are we going to address that, and can we explain to you about the detail? That's something that we would like to try our best while we're working on these projects. You mentioned about the AI agent. SoftBank, LINE Yahoo is working on at this moment. Call center operator or the shopping agents. Is there any consumer service that you're going to provide to the market, or is there any plan on that? What are the things that you have in your mind? The AI agent itself is a kind of a tailor-made type of the product. So first. We would like to utilize inside of SoftBank Group. 1 billion agent is something that we would like to work on. Whenever we think about 1 billion agent, what do we need to do? We would like to start with where that needs most, and we will address the project. This is the first project, first time for us to address, so we are just excited to see how it grows. Thank you. Next question from the venue. Morita from Toyo Keizai. I have two questions. First, about Stargate and about project finance. I assume that you have been communicating with the financial institutions. What's your view on cash flow from AI perspective? Some people are positive, some people are conservative. What's your view on financial institutions' mindset about project finance? Second question is to Navneet. Before Mr. Navneet, I would like to get your plan of improving the investment performance of Vision Fund 2. What is the key point of improving the performance of Vision Fund 2? Okay. Maybe starting from the first one. Communicating with the financial institutions, yes, definitely. I am forefront when it comes to communicating with the financial institutions. This is a significant, huge project. There are Japanese mega banks and U.S. banks and European banks that we have a good relationship with. They are very positive about the project. We are going to build one by one when it comes to project finance, whether there are 20 cases or 30 cases. We need to build data centers and packages. What we want to focus on is to make the first one successful. For the first project, we are ready to have a discussion more in detail and specifics. For example, our major banks, Mizuho, has had a deep discussion with us. Overall, those financial institutions are very positive and supportive. Performance of Vision Fund 2. What we're beginning to see is a couple of things. One is a very strong pipeline of IPOs. As Goto-san mentioned in his presentation, there are a number of upcoming IPOs: PayPay, Klarna, JackaRobots, our India portfolio, Misho, Lensquart, the fintech portfolio. Overall, we recently had the IPO of Chime and Klarna to happen. That's one. The other is we're beginning to see a lot of these investments that were done with the AI revolution in mind and AI disruptive companies. We're beginning to see as the AI revolution and as we are progressing towards artificial superintelligence that Son-san has been talking about, these companies are finally beginning to reap the benefits of that. Some of the strong investments we have in Vision Fund 2 are other than OpenAI, is PayPay, and a number of other companies. Our India portfolio continues to do well. Our fintech portfolio continues to do well. Over time, we'll continue to see value being unlocked by these investments. Thank you very much. Thank you. Any other questions? Second from the front on your left. Kurashima from Kyoto. I have one question about Cristal intelligence. Recently, Mizuho Financial Group has decided to introduce that. For those good relation banks or the companies, they are the ones that are the first users of those. Do you have any target for this year for Cristal intelligence introduction? That's rather SoftBank Corp.'s side when it comes to the target of the Cristal intelligence that Miyagawa CEO is working on, including the numbers for a target. From me, what I can say is that Mizuho recently expressed their intention to introduce, but this is quite a large amount or a large cost service. This is not something easy to say, "Yes, we will do." I believe the close companies, close business may start expressing their intention. As far as I understand, quite tens of companies, large enterprises have already been directly communicating with SoftBank Corp. to consider. We would like to make it a successful one after another. For that, we need a service itself to be finalized. Like a $3 billion number here. We do need to have a very rich service, which is worth $3 billion. That's another important part that we need to work on together with OpenAI. That's something that we are making an every effort on. Any other questions from the floor? Thank you very much. That concludes the SoftBank Group Corp. earning result announcement for a three-month period ended June 30th, 2025. The video footage of this meeting will be distributed on demand from our corporate website. Thank you very much once again for joining the SoftBank Group Corp. earning result announcement for a three-month period.