Now it is time to start. Chairperson, please proceed to the podium.
Good morning. I am Masayoshi Son, Chairman and CEO of SoftBank Group Corp. I'd like to thank you all for joining the meeting today. Now, with your permission, I will chair this meeting pursuant to the provision of Article 13 of the Article of Incorporation. I will call the 43rd Annual General Meeting of Shareholders of SoftBank Group Corp. to order. An internet site is set up for our shareholders to exercise their voting rights or post questions. The agenda today is set out in the notice of this annual general meeting of shareholders on our website. I'd like to inform you that the number of voting rights already constitutes the quorum. Now, our MC will inform how the meeting will proceed.
Please let me explain how the meeting will proceed. We will start by laying out the matters for reporting, outlining matters for approval, then we'll discuss the business strategy and move on to a Q&A session on matters for reporting and matters for approval. We will take votes on the matters for approval. Regarding your exercise of voting rights, visiting shareholders are asked to confirm by clapping. Online shareholders can exercise their vote right via the internet. The internet website is open to accept the vote by online shareholders, but please note that your votes cannot be altered once posted. Following the explanations of the matters for approval and business strategy, we will have a Q&A session. First, we will address questions and comments received in advance via the internet. We'll take all questions and comments from visiting shareholders.
We would like to limit the number of questions to 1 per person, so we can take questions from as many people as possible. The session will be closed at the start of the Q&A for online shareholders. We address questions and comments from online shareholders received today via the internet. The website is already open for your submission. May I remind you that it will close 5 minutes after the start of the Q&A session. Please post your question or motion within 200 letters or less. We'd like to limit the number of questions to 1 per shareholder, and 1 motion per motion of the same type.
If there are any procedural motions from online shareholders, we take votes altogether after we address questions and comments from the visiting shareholders. If there are any motions to amend the proposal, it will be deliberated with the original proposal, and the original will be voted on first. Thank you for your attention. I'd like to take a vote on whether this approach is acceptable. For all those online shareholders, if you agree with this approach, please click the Clap button.
While we confirm the result, I'd like to take a vote from visiting shareholders. If you agree with this approach, please clap your hands. Thank you very much. Please wait for a moment, we are confirming the result. Thank you very much. With the majority of shareholders agreed, we shall follow this approach. Please take a look at the details of the reporting matter. I'd like to present you a summary video on our business overview. Please watch.
[Foreign language]
Thank you very much for your kind attention. I realize there were so many ups and downs, JPY 2 trillion, JPY 3 trillion, et cetera. Looking at global equity markets and global challenges, there are a lot of uncertainties. Now I can say, however, that AI is about to grow exclusively, and we are getting prepared for such era to come in the group. I have been busy myself, and again, we are getting ready for the future.
Again, thank you very much for your kind attention to the video, and let's get back to the business. Now I'd like to present the matters for re-approval. Details are set out in the convocation notice available on our website. Proposal 1 is appropriation of surplus. Proposal 2 is election of 9 Board Directors. Proposal 3 is election of 1 audit and Supervisory Board member. Proposal 4 is approval of contract for transfer of subsidiaries equity interest. Now, I'd like to present our business strategy.
I just mentioned earlier, right after the business report video, now the time has come to shifting to offense mode. Actually, it's my personal thing, but since last year, October. There are time to time that I thinking very deep, thinking about the rest of my time as a businessperson. How many years do I have? How many years is there are for me? What can I do? What have I done?
That's something that I've been thinking, and sometimes I felt a bit sad, because can I finish my career as this is? Is this something I wanted? Is this something I'm satisfying with? Actually, I cried very hard, as a matter of fact. For several years, I really couldn't stop my tears, and I thought, "This is not something I wanted. This is not something I can finish my career with." Remaining years as a businessperson, I don't want to spend those years as a kind of obligations or something that I have to do.
That's not the life I wanted, and that should not be the life I live. I have to think about twice, what did I really wanted? What did I wanted to do? Ask myself. Then I came that I wanted to be a architect. Architect, designings. Architects for what? That's next question. I wanted to become the an architect to build the future of humankind. What the future will be, how the future will be, and I want to be the architect for the futures, of humankind's future. I may not achieve everything.
I myself as a person may not be enough to do something like that. I want to play a role to some extent, to somehow be a part of architecting or create, building a people's future or humankind's future. That can be something I'm most excited about. That's something I wanted to do the most. That's something I felt after that. Since then, I start looking into the future of AI, looking into the future of computing. That reminded me of the time of my age, 19. That time that I spin my right side of brain so hard to create a invention per day, and over a year, I created 250 inventions back then.
That actually made me feel lots of creativity in myself. Since then, I start having more and more responsibility as a businessperson. I start using my left-hand side of my brain instead of right-hand side of my brain. Since October last year, I wanted to come back to creativity side. I wanted to come back to utilize my right-hand side of my brain once again. In the past 8 months or so, I made 630 inventions over the past 8 months or so. With this speed, I will have about 4 months or so it can be about 1,000 invention per year.
Most of them are useless, probably, but some of them are actually surprisingly good invention, which can be a good part of the future of the humankind. I also filed a patent, and the 1 patent agent was not enough, so I had now 5 patent agent for me to file the inventions and patent, and that's up and running still now. Within 1 year, whether that these patents will go through the process. Once you file the patent, that means that goes out to public as well, which means that other peoples can know about that, too. Some of them, I may have official registrations, and some of them may not be go for the patent, but for the commercialization. That kind of process is there.
The thing is, my right-hand side of my brain is working so hard, which make me more and more creativity in my work. That makes me so happy, and that may be so busy as well. As a result, that will bring to the business plan for the SoftBank Group, and that's contributing to the growth of the SoftBank Group. Any procedures, I just let Goto, Mr. Goto to do everything. As a businessperson, it sounds like irresponsible, and sometimes I make such a remark in public, too, but I am devoting myself to what I wanted to do, which is to be a part of humankind's future. Now we have in our group, and that can be the very good core to leverage the power and capability for the future business.
Right now, they are making a tremendous number of chip shipments to the, around the world. Keeping that as a base, we will also believe that is going to be the base for the influence that AI is going to make to the humankind's future. It's like 3:00 in the midnight, 4:00, 5:00, I dream about it. I wake up, I take a memo about my inventions or my creativities. My CEO office has three teams there. Around the 24 hours, there are three teams working so that they'll be able to respond back to me in five minutes, so that they can start the patent procedures. Weekends, midnights, busy, very happy, and very active.
Making a big loss. People may say, you may thought that I am not in public because I'm so embarrassed to make such a huge loss, and financially. Actually, I am working very hard, very busy. Now is the time to shifting to offense mode. That's the time that I am feeling right now. What I am interested in most, and what I am working on most, is generative AI revolution. What is mankind? On the planet, that mankind is the most intelligent animal on Earth, from my definition, and that is changing, completely changed, which is singularity. Mankind has the intelligence on Earth, but within a coming 10 years or so, I believe mankind is gonna be exceeded by computer or AI.
That's singularity. SoftBank to become the vision capitalist for AI, talked about the strategy. With all SoftBank Group, we would like to be the leading positions for the AI revolutions. In the past few months, variety of the leaders of the country having a common interest right now. Of course, Ukraine situation or the sad news being heard, one another common word is AI, among those leaders, premiers of the countries or governments. ChatGPT now showing how the AI is gonna be playing in this sector. Up until now, even you ask something to AI, it was like a robotic type of language they come back to you.
Because we have created Pepper about 10 years ago, although that we worked so hard on Pepper, but because AI level was not enough, that's why the dialogue, communication, was not smoothly taken place. If you have a preset language, a preset dialogue, then they Pepper can make a very good communication. It was a kind of robotic, if it's a natural dialogue. Now, Sam Altman leading OpenAI for ChatGPT, and now that the 100 million people around the world is using in a very short period, GPT-3.5 to GPT-4, that's evolving also. Now, it's not calling ChatGPT anymore. It's called it GPT-4 now.
Now we are at the phase of GPT-4, not only chat, not only dialogue on text space, but this is available, that this AI is having a mouth, ears, eyes, so it's like a multimodal modeling. Not only the text exchange, but they speak, they can hear, they can see, and that is actually done by AI, is so that they can address any status or issue. That's the level we are seeing now. Last week, we had a presentation meeting for Generative AI Utilization Contest, which was taking place internally. What kind of way that we think you can use AI for our work or for our life? We had a competition amongst our employees. We will have this contest every month over a year.
The first place prize, total prize, is JPY 25 million, and the first prize is gonna be JPY 10 million. Up to JPY 30 million that you'll be able to obtain if you win over the competition. We have a one-week application period, and 52,000 application has been submitted. 52,000, so only from employees of SoftBank Group overall, regarding generative AI. 52,000 items has been gathered together in 10 days. I think this is world record. Employees all together score each other's idea, and those who competed, others, became the finalist for 10 ideas.
Today, actually, we will be announcing first prize to the tenth prize at the employees' conference meeting after this general meeting of shareholders, and of which the first prize winner is going to obtain JPY 10 million prize. The third person was actually so surprising, and this person's scored by every employees, and they got the third point. Actually, I thought that this is so great, so that this person is going to be winning the first prize instead of third. I am using my rights or the my superpower voting rights to this third prize, originally the third prize winner, to become the first prize winner. It was so great.
All the finalists of, from the first to eleventh, I thought that can be commercialized immediately. They are so passionate that they would like to utilize for the business immediately as well. I was only able to see from the first to eleventh prize, there are more and more ideas underneath of that. I would like to spend some time to see what other ideas were there for this time contest. Now, the group overall, some company is actually prohibiting using ChatGPT for employees, I doubt it. Can they catch up with the time? Can they catch up the trend? That's something I worried about, we actually, as a group, that are working on a generative AI.
If you see the big picture, actually, this has been, the computer has been called as a calculator instead of computer. These days, people don't call it calculator, but, in the beginning, very beginning of the computing, abacus became a auto calculator, and that was a kind of computer I was working on. But that computer became even more powerful in gathering so much of the datas, memorized in computer. Variety of the data is now on available on internet, and that is gonna be memorized by the computer. From calculator to memorizer, and such a huge data memorized in and stored in this computer.
From such a variety of data, you can pick up and search what you want to know, what you like to check, so that the Yahoo and Google start the search engine and start the search business for, in utilizing computer. This time, GPT is actually even next step level up, so using computer from search engine to inference system, inference machine. Myself is actually using GPT every day. Any idea that I come up with, I check with GPT, "How do you think?" GPT and myself is making a dialogue and debating each other, doing the brainstorming each other. It's like a kind of exchanging the wisdoms each other. Recently, I made a question to GPT, which was a very difficult agenda, and the GPT came back to me and say, "That's not realistic.
To do so, to make that happen, huge number of computing power is required, so that the resource-wise, it is almost impossible." That was the answer from GPT for my question, and I was not convinced, so that I said, "If we do this way and that way, and utilize this and that, then we should be able to make that happen." That was my response back to GPT came back and said, "That's great idea. However, there are such and such issues, such and such difficulties and challenges." They came back again. I said, "That's not right. We have such a solution and this solution, so that you can solve those issues and challenges, then you'll be able to overcome such challenges as well." GPT came back and said, "That's great idea. That's interesting.
However, still, there are additional challenges there." I came back to them once again. "For those issues, I have such solution." The very end, after we exchanging such opinions each other for several times, in the very end, GPT said, "This is the great idea that's very realistic." He praise GPT praised me and made me happy. That was like a 4 AM in the morning. From 3 AM to 4 AM in the morning, I start exchanging ideas with GPT, and actually, I compete them. I kind of were able to convince GPT. As an inference, capability-wise, AI is now having a tremendous capability, tremendous power.
Utilizing such a inference capability, recent, latest GPT-4, GPT-3.5 was not, was not able to pass the college exam, but a few months later, GPT-4 was available. Now, this year, actually, the GPT has been updated, upgraded from 3.5 to 4. In U.S., legal bar exam, the top 10% of the was ChatGPT. Medical license exam, also, ChatGPT-4 made a correct answer of the for 87%. Reading, math, biology, statistics, psychology, most of those exams were apparently passed by ChatGPT-4, if GPT-4 takes such exam.
My, actually, assumption is that all the any of the tests that GPT will be able to become a top 1% and should be the number 1 amongst all the subjects, amongst all the people who take such exam. I think it's just a matter of time. The time will come for sure. I'm so convinced about that. Inference capabilities in the computing has a tremendous capability there, tremendous power there. In addition to that's gonna make it more evolution, and from inference to creativity. Artistic or art was actually the area for humankind. Even the inference was the only for humankind. Many people thought that way.
Things that have been decided or been written can be picked up and searched by computer, and computer is just robots, and robots have a limitation there. That's many people's idea and understanding. However, now, even the computer now do the inference capability, and that goes into the creativity world, artistic world, creating videos, composing lyrics or music. Now, GPT is writing a poem or drawing the pictures. Last the other day, When I was a child, that I was reading the comic of the Astro Boy, and I was not sure what was the last episode of Astro Boy, and I asked GPT, "What was the final episode of Astro Boy?" GPT came back to me and told me the final episode.
That, actually, I asked GPT to write the continuous story or continuous episode after the final episode, and GPT start writing about the stories, about Astro Boy. Then I ask him that to make it continue and keep continuing and keep making scenarios, and the GPT keep writing the next story, next episode. I tried the other one. I ask about the old story of Japan, and I ask GPT to, instead of finishing the story, but continue the story, and GPT can do that. This is not written anywhere. Nobody wrote about it, or nobody create about it, but actually, computer is creating as if it is a humankind. Even the drawing. Robot. Want ChatGPT to draw like Picasso with the fighting bulls.
It should be using robot instead of bull. In the Picasso's age, there was no robot available, so that the robot cannot do the fighting a bull type of the play, but actually, GPT draw like Picasso and draw about the robots fighting each other. That creativity is already available now, that AI can do such an and address such an request. Just earlier, I said, in all subjects, ChatGPT or AI can be the top one in exams. One person cannot learn every subject, but you also not only learning, but also you need a wisdom to infer something. Memory and search is something based on your wisdom, your knowledge, but the infer requires wisdom.
Only one person, one single person cannot learn all the knowledge and utilizing those to infer, and I don't believe that's available for the single person. In AI, if you let the AI compete against the world genius, in several years, maybe genius may win over AI. What computer great about is that there is no limitation there. They can grow furthermore. They don't stop learning. They don't stop accumulating wisdoms. My expectation is that all wisdoms of all the people around the world, and some of that, of 10,000 times of some of all the people's wisdom, can be available by AI in some years, and that's not too far away. It can be within tens of years.
Your child or your grandchild, when they become adulthood, when they become your age, I think this is gonna be reality. That's the society they will be living. This is not a science fiction. Actually, your kids, your grandkids, when they grow up to your age, to our age, I believe that they will be living such a reality, where that the computer exceeding 10,000 times more smarter than the sum of the humans kinds of all the world. That, actually, if we calculate with Arm's roadmap, that's something that I am so convinced. It's not unrealistic thing. Arm chips design, Arm capability, looking at the roadmap for the development, I think that's something available in near future. When we start seeing such a society, AI will be a super intelligence. With super intelligence, we'll be connected to entire society.
In addition, there were said that the AI capability has a limitation. Even some intelligence people talk about that, but that's because this person, this intelligence person, has limitation about his or her wisdom or knowledge. Why they said that was because AI is programmed by human. As long as human programming AI, then AI cannot be smarter than human. That's their logic. Actually, this person's logic is already not available because current GPT already not programmed by human being. It's already not a human that programming a current latest GPT. The answer was not programmed by human, but actually, neural engine inference capability is providing by learning so much of the data, picking up the datas, learn and infer, and give you the answer. That is going to be 10 times, 10,000 times more.
It's not the level where that the people is programming or anything like that. It's totally beyond such a capability. Arm chip is going to exceed 1 trillion units sometime in the future. 8 billion in humankind's around the world, and the Arm shipments come to the 1 trillion units sometime in the future. It's because as IoT, anything, signals or any light bulbs, sensors, in every aspects, Arm chip is going to be built it in and utilized. 1 trillion IoT device is going to gather so much datas real-time and come to this super intelligence, then computer itself start evolving by itself.
AI evolves by themselves. AI multiplies by themselves. They design robots by themselves, and the robots start producing robots, manufacturing robots, so robots with a super brain. It's not programmed by the human. They learn by themselves. With their own wisdom and intelligence, they will multiply. In every shape and type, they don't necessarily have 2 arms, 2 legs. They may have 100 arms, 100 legs. They may fly, they may swim, so every shape, every size of robots will emerge. In the world of AI, which evolves by themself, which multiplies by themself, when you say the word of intelligence, some people may call it virtual world. Virtual world has a limit, because smart robots come with super intelligence, then people say almighty God, and that world of almighty AI will come.
When you talk about evolution speed, they may say that there are limitations, computer and AI. That's wrong. Speed is tremendous. Beyond mankind, a new living creature was born. Most of my creations, inventions, are related to AI. When you think of something that does not exist, they are called inventions. If there are things that already there, they are not inventions. Inventions are something that are not here, but with some level of reality. Just in front of you, just a matter of time, all super almighty AI era is out there. AI will solve problems that mankind cannot. These all almighty machines should be able to solve problems, even though mankind are not able to. For example, comfortable transportation without accidents, a long, healthy life, society without stoppage from natural disasters. People don't have to suffer unnecessarily. People don't have to work hard unnecessarily.
People don't have to cry unnecessarily. Education, work, things that people want, food, roof over your head at very cheap cost, without sweating, without doing dangerous work, people can get them. Animals fetch fruits. Like that, robots can do things for ourselves. Almost eternal energy, almost, nothing at cost, people can get things, and something that protect us from natural disasters, so that kind of world should come soon. Accelerating evolution of AI should help making people happy, helping people to live more comfortably, happily, and I believe in that positively. That speed should be accelerated first, and Arm can play the central role. Arm-based chip has been shipped 258 billion cumulatively. Like I said earlier, looking at this graph, the chart, just one bar, each bar exceeds the previous bar. Look at this curve. Very, very beautiful curve.
This trend continues to $1 trillion, 4 times bigger than this. Looking at this curve, you can naturally imagine, this level should be as big as 4 times. In fact, the speed is accelerated. When we acquired Arm, what we did, what they did first was to increase the number of engineers. That's why they spent money and the cost to get necessary human resources. Back then, people said that Armasa wasted money, but now Arm is ready for exponential growth, which I believe to happen. Chipset for mobiles, Arm is absolute number one, but that's not the end. In every computing world, CPU, GPU together to become AI chip, which should be mounted every AI device. Center of the information revolution is gonna be definitely AI with super intelligence.
In the world of computing, computers, you may imagine it as just a calculator, just a computer. You have to change your mindset. Not only just knowledge, but the world is more like intelligent world, not just a knowledge world. That intelligent world should help us to live better life, happier life. I believe in that from the bottom of my heart. AI should be for every person to live happy life. We are ready to shift to offense mode. In the past few years, we focused on being defense. We, in fact, have built cash on hand at JPY 5 trillion. 3 years ago, we didn't have a lot of cash on hand, but because we have been in defense mode, we have built our cash on hand to the level of JPY 5 trillion.
Now we are ready for shifting to offense mode, and I am excited about that. Last but not the least, Arm, which is our core company, and CEO of Arm, we would like to welcome him as a new Board Member, subject to your approval. Information revolution is for making people happy. Again, your continued support will be very much appreciated in our journey. Thank you very much. That is the end of my presentation. We would like to move on to the Q&A session. With regard to how it is going to proceed, once again, the MC is going to give you the explanation.
Let me explain how the Q&A will proceed. First, we'll take questions received prior to the meeting and via the internet. We will take questions from the shareholders at the venue. If you wish to make statements, then please hold up a color board received at the reception, so that the chairperson can call upon you. Please wait for the microphone, and then begin your statement when you receive the microphone. Please limit yourself to one question per person. Please then state the number of your admission ticket before you speak. Please do not mention your name.
We will take questions related to the agenda that have been submitted, received today. We would like to limit the number of questions from online shareholders to one per person. Please note that the question entry from the online shareholders will close in five minutes. Thank you for the explanation. Let us proceed the business as instructed. I will now address the questions received prior to the meeting via the internet. This is the first question: "The number of female board members is relatively small. What is your take on this?"
Well, whether it should be male or female, it is not that kind of a matter we have to address. Rather, if it is an outstanding M ember of the Board, regardless of the gender, we would like to invite him or her anytime. Needless to say, the ratio of female board members is relatively low, so if an opportunity arises, we would like, and to seize that opportunity. Thank you.
Next question: "Vision Fund is underperforming, and SoftBank Group's share price are on the downward trend. How do you see responsibility as the senior management?"
Oh, that's a very tough question. Again, like I said earlier, ups and downs by JPY 2 trillion, JPY 3 trillion, just a margin of error. I should not say that, maybe it may sound very rude to talk to you as a shareholder, but that's my honest comment. Next question, please.
This is the next question: "Are you going to continue with the share buyback?"
I would like you to elaborate on the returns to the shareholders. We have repeated the share buyback, and if there is going to be a chance or an opportunity, we would like to seize on that as well. That said, in what way and what timing, and what would be the amount, that is going to be the thing that we should not mention specifically, and that is the established rule. Always in my mind, I obviously can seek such opportunities.
Next question is, WeWork share price are underperforming. Give us an update on WeWork's business status.
Well, I would say, ouch. That's my responsibility. When I visited WeWork for the first time, I fell in love with WeWork, and I thought it was wonderful, and we put a lot of money in WeWork. Some executive, some employees told me, "You are wrong. You made the wrong decision." A lot of people gave me advices, but I pushed back, and I put a lot of capital, that's all my responsibility. Adam, who was the founder of WeWork, believed that he built a great company. Maybe that's not his fault when it comes to value of WeWork and the current status of WeWork. Maybe I pushed him too much, and I have to apologize for WeWork.
Next question. The SoftBank Group stated in its next 30 vision to be one of the top 10 companies with the highest market caps by 2040. It seems to be rather difficult to achieve that target. What is your take on this?
As has been already mentioned, I think from October last year, as far as I'm concerned, to be frank with you, the immediate benefits or profits in terms of shares and profits, and as far as those things are concerned. I am not trying to evade the reality, as a matter of fact. I do not mean to keep my eyes off the reality. Rather, it seems to be a tiny, trifle thing to be part one of top 10 companies.
That is a kind of a tiny goal for me, and that's the way I feel. This is my frank feeling, and it is a kind of an admission I would like to make here today with the shareholders. Rather, what should be the future of the human race? What is essential? What is going to be necessary so that the future generations will be able to avoid from any sufferings, and instead enjoy the life enriched? That is my pure, the seeking. I cried a lot. That is because of that. I was so impressed and moved. Something that I have envisioned in my dream, in the rest of my life, I had a short time to go, and I was also excited over the future task. Day and night, I have been intrigued with this idea.
Holidays do not mean to me anymore. That's my pure thought and the feeling that the remaining five days, I think, for almost a month, and that Apple's the Steve was meeting with me very frequently. I think he really had a pure mind in terms of how that wonderful products are going to be launched for the benefits of the human race. I think until the very day when he was dying, he was thinking of the new designs of iPhone. In the remaining days, he really had poems about many things, but passion into his new ideas at that very moment as well. I do understand how he felt in those days. Now, I have grown in that way. That made me cry a lot.
When I was meeting with Steve, he didn't say anything about how large the volume that I would purchase from him in terms of iPhone. He did not take up that topic at all. That was commercial numbers. He was not interested in it anymore. For the future generations, the things that are essential, wonderful, outstanding, and products and art pieces, that was the only thing he was really into. That brought Apple, which was at the brink of total collapse before he was called in, but now has grown into a company with the largest market caps in the world. Commercial benefits, profits, instead of that goal, he was really into creating something very wonderful.
At the end of the day, the outcome, that is related into having impact on the people's set of values, and that would bring money into their company. Those numbers are not something that we have and to run after. Instead, we have to run after what is most essential, what is most necessary for the future of the human race, and the result will bring about by-products, something that we cannot expect at this moment. That's my view at the moment. That means in the next 30-year vision, we came up with specific numbers, and to be frank with you, we will be able to achieve that target number. It is not something that we should be committed to, and it is not something that we are running after. I am more intrigued by the fact, and that is more exciting.
By doing so, at the end of the day, we will be able to achieve the target in the next 30-year vision. In that way, I'm so excited. The vision would not bring any concrete results, but we have a core company, which is called Arm. With that, we will be able to achieve the target, and I'm so excited about that. Sorry for my lengthy answer. That's because I was so excited.
Next question: Last year, Mr. Rajeev Misra, Executive Vice President, stepped down, and his role is still not filled by anybody. What's your view on a successor?
I've been thinking a lot about this. A few years back, I thought that Nikesh Arora should be my successor, but he wanted it earlier than I thought, and I realized that I would like to stay and wait, and told Nikesh to wait, but Nikesh was impatient, and he left. Anyway, I am too excited, I am too happy, and I don't want to retire now. I wanna do a little bit longer. That's my honest view. When it comes to successor, it just not now. We picked questions posted in advance, and now, visiting shareholders, we'd like to take questions from visiting shareholders.
Please hold up your color board if you wish to speak. Somebody holding up a red card on B row. You don't have to state your name, just number on the admission card. Number 0555. I have a question about AI. You mentioned that you have a lot of ideas on AI, you said you have JPY 5 trillion. I wonder if you have any idea that you can create something with JPY 5 trillion? Could you repeat the question again? You mentioned you have a lot of inventions. You have JPY 5 trillion.
With that money, do you think that any one of your inventions can be really materialized, realized? Not just one, but several inventions that can become reality, I think. Those several inventions, we want to make them happen one by one. The key is held by Arm. Arm's position can be fully utilized to help me materialize and realize my inventions. There should be a great opportunity out there.
In yellow, D column, the third row from the front, in the yellow color board. 261. This is my second time to attend the shareholders meeting. For the past five years, I hold the shares, I have some ideas, so I would like to express them to you. Age is just my number, that's something I recall. The age is just a number. For me, 65 years old, so close to your age. Owning a company means a lot of responsibility, so quite difficult for you to manage. It looks to me that the company you own and run is a kind of toy, you are quite curious, to take care of the company.
Although you do not have sufficient time, but you are managing or running the company. I believe, Son-san, I think you pay too much attention to the share price. I think as a founder of any company, he or she has to pay attention to how the price is. After 6 years old, I started to make investment in shares and stocks. It is quite mysterious because the price changes every day. You should not be, or we should not be constrained by the fluctuations and the price, and we have to be into something that intrigues you. I was talking to the president of Electron, and he said that if you are interested in doing something that you are really into, that you don't have to worry.
Geopolitics surrounding China, for example, is dictating us, but I hope that you will be also relieved from that kind of concern. I fully agree. I would like to keep that feeling in my own work, and particularly after October last year, that's the feeling I really had. The result will follow. That's my view.
Next question is a shareholder holding a blue card, please. My number is 424. You talked about OpenAI and ChatGPT earlier. Elon Musk and Apple, without proper verification, signed a letter to stop development because of some risks. Mr. Takafumi Horie. Well, he said that they wanted to catch up while asking others to stop or suspend development. Mr. Son, Microsoft put capital in OpenAI, I believe, and Mr. Son, I believe you met with Sam of OpenAI the other day. Again, what's your view on development of AI going forward? Is it something that should be stopped or suspended?
I think that one of the important key people in the world at the moment is Sam Altman of OpenAI. He is a great guy. He has wonderful insights and expertise and a beautiful heart. He himself said that there need to have some regulations around AI, which I agree. In the world of automobiles, people can enjoy rich life and mobility, and there are limitations of speed, traffic lights, and don't drive when you drink.
There are other rules and regulations, that's why a very safe mobility can be delivered to people. There are some controls in place and regulations in place. When it comes to super intelligence, if that super intelligence is used by wrong people in the wrong way, something crazy can happen. It could be more dangerous than nuclear power. There need to be some regulations should be discussed and introduced to put some control, and Sam agrees, and many people agree.
On the other hand, if you fear too much, and if you put too many regulations and rules in place, for example, if you say that cars are bad and too many regulation, too much control, that's not good either. You can't stop evolution of AI. In fact, we should be more aggressive in terms of evolving AI, but you need to make sure that you have certain control in place. Discussion of regulations should continue, but developers should have conscience and good heart. Like I said earlier, I use GPT every day, and when I ask a political question, for example, they would say that, "I am AI, and I am a neutral position for politics." AI with rationale and reason should be something that should come. To answer to your question, yes, I think regulations are necessary to some extent. Thank you.
White color board right here. The next, the rear part, 0108. I think there was a lot extensive discussion about AI, and I believe that Professor Matsuo, who is well-versed in this topic, is here. I just would like to ask him if how he sees the future of Arm. Professor, go ahead.
Thank you very much. The potential of Arm. As Mr. Son explained, AI, going forward, is going to spread in society, and under these circumstances, I think Arm is going to play a key role in that process and journey. The role of Arm is not well recognized by the whole society yet, but going forward, this will be changed. As far as I'm concerned, I do believe the future potential of Arm. Thank you very much.
Next question. A shareholder holding pink card. I have a question.
In this opportunity, I have been a fairly new shareholder since 2019, when I moved from California to Tokyo. My question is regarding the portfolio companies of Vision Fund. As some of the critics says, in the portfolio, a lot of the companies are not so much AI related, you know, at least from the analyst perspective. I'd like to ask Son-san about what do you think when you made those investments for Vision Fund portfolio companies? Was that a...
We know that you're pretty early, you know, you get excited a little bit earlier than other people, but were you having a foresight to see that there's gonna be newer language models or algorithms, such as, you know, the ChatGPT LLM, coming that will benefit some of the portfolio companies? Or was that just some other thoughts in your mind? Out of these portfolio companies, after IPO, who gets to stay, and who is gonna be out of your portfolio? Do you have, like, a standard for that? Just a little bit of second part is, what's your view after generative AI? What will be the trend going forward like? Thank you very much.
Okay, thank you very much. I feel ashamed that I made many mistakes, bad investment, and so on. My intention was, though, still, in every time when we make investment, we ask: "Is this going to be amazing company when AI become, you know, the basis of the new society? Is this company going to be one of the best application for the AI era?" If the answer was yes, then we invest it. Even if they don't have enough AI at that time, can they be a one of the very interesting company as the application of AI extension? Many of them were not really true. I regret, big mistakes, and so on. Still, we made roughly 500 companies as investment into our portfolio, and some of them are amazing.
In this venture investment, if you have 1 or 2 out of 100 smash hit, that will pay back everything, right? I think at least I have found more than several of them going to be big success out of 500, I think that's enough. With bunch of the little ones on top of that, just several of them, that's going to be amazing company, I feel those are in those 500, that will make our future of success become very fruitful. Okay? Thank you.
Maybe I should take 3 more questions from the venue. Thank you for taking my question, number 313. In fact, I was called out at the last time, 5, 6 years ago. I asked for 1 female board member, I am seeing 1 now, which makes me feel. I am interested in gender and disaster recovery. I think that I learned that it's important that women should play a big role in disaster recovery measures. What's your view on how to recover from disasters? Do you have any plans, or do you have any measures?
Thank you. Like I said earlier, AI can predict disaster more accurately and faster. In fact, when it comes to weather report and earthquake prediction can be done by AI. As AI evolves, even faster, even more accurate prediction can be happened so that people can ready for evacuation. AI, super intelligence, and IoT should be able to minimize damage from disaster. For, to that end, I want to keep continue helping evolving AI and driving AI evolution.
In the past, man's muscle power played a big role, but when it comes to the world of super intelligence, in fact, robots with super intelligence replace muscle power, then regardless of gender, so long as you have motivation, every person should have an opportunity, whether adult, kid, elder person, every person should be able to get an opportunity, and that world should come sooner rather than later. To that end, again, I keep committed myself to helping AI evolution.
Two more questions from the audience, and we are going to take questions online. The pinkish color on this in this column, E column, pink color board. 514, allowing to ask a question. It may be a tough question. President Son, unpaid issue. I think a lot of media attention, and some of them are quite critical of you from the viewpoint of the governance, whether it is appropriate or not. What is your view on the press report and your outlook about this matter? There seems to be some financial burden imposed on the company, so how are you going to brace yourself up for this challenge?
At the SoftBank, we invest in unlisted companies and Norths tar. Those are already listed in companies, and we have two vehicles. As far as I'm concerned, I take my personal risks and returns as well. Well, in this poor situation of the share, the stock market, the performance is not good. The period or the tenure is supposed to be about 11 equal, 11 years. We are still in the middle of the investment period. I do believe that going forward, the performance is going to improve. I am confident of that. The asset I own will be able and to return better, more, so I have no concern about the future.
I'd like to take the last question from the venue. I would like to take a question from a female shareholder over there. We will take questions posted on the internet. My number 0542.
Thank you very much for your very interesting talk. Birth of super mankind is something that I am very excited about, like you are. The only concern, however, is, for example, the movie, you know, The Terminator, AI evolves too much, there are some fights and war between mankind and AI. What's your view on such a risky scenario? Thank you. I think there is a risk like that. That kind of risk is there. That's why regulations are needed.
I do think so, many engineers and scientists engaged in AI suggest regulations, which I agree, because AI will have such a tremendous power, and that kind of movie, it makes me scary. Mankind realizes that engineers and scientists are aware of such risks, so there should be efforts and regulations that need to be put in place, and we are, at least, should be ready for that. We should be able to run AI in a safe manner.
There are always a few percentage of bad guys anytime, and if AI is a bad tool, and if there is small percentage of bad guys, bad guys can use that AI. AI should control by itself. AI should have not only intelligence, but also reasons and rationales, and AI should be like that. Certain number of my inventions are related to emotional engines. Not only intelligence, but also reasonability is something that engine should have. AI should have reason and rationale, and it's possible, and it should be like that. We should be able to run AI safely. Thank you for your question.
We have completed the questions from the audience at the venue. We have received questions via internet. We have just received today, and I would like to entertain those questions. First, this question: At the portfolio company, unicorn companies, how many of them can you count? This is the question. As I mentioned earlier, at least several companies out of 500 portfolio companies. Well, 5 times and 10 times, I think we still have 50 or 100 companies, but 50 and 100 companies, if their value is going to grow 50 times, 100 times, and then they will be able to recoup the invested money. Several companies, instead of the 50 times or more than that. Combined together, we definitely have a good return, yeah, out of the invested companies.
The next question is, what's your view on favorable programs for shareholders, and what's your view on increasing dividends? Of course, first, you have to increase the profit before talking about increasing dividend and, giving benefit program for shareholders. As profit go up, then in many ways, we should be able to give back to shareholders, return to shareholders. We'd like to contribute back to shareholders' support. Thank you.
This is the next question. At the time of the financial, the settlement, or announcement program, instead of attending that, you are going to be dedicated into the management of Arm. As I have been frequently mentioned, the Arm's growth of Arm, and then AI-related, and the tech- enabling technologies surrounding Arm, those are the ones I have been focused on in the preparatory stage. Next question is, do you think of bringing back Yanai-san, Nagamori-san as Board Members again, or Executives again?
I respect Y anai-san and Nagamori-san. They are businessmen. They are running businesses now. They want to focus on their own businesses. They helped us for so many years as Board Members. I didn't want to keep them unnecessarily or against their wills. Again, appreciate their support and contributions. I still respect them. On the other hand, new Board Members, newly joined Board Members are helping me. They are sometimes critical. They are sometimes challenging. They are sometimes very, very supportive to drive us even more. I appreciate your understanding about our Board Members' contribution. Rene, who we would like to nominate as a new Board Member, we would like him to play a key role. Again, even though we beg them to come back, Nagamori-san and Yanai-san, I don't think they'd come back.
This is going to be the last question. How to expand profits out of the AI business, what kind of strategy is going to in place? GPT, how is this going to be used in the management policy? For the past one year, I have been engaged in many businesses and quite busy. Well, over the weekend, I have been only occupied with the business matters. The first thing I wake up every morning I just jot down what actions to be taken. Therefore, AI, for the new revolution of AI, I am going to be immersed in that area, and that would ultimately the result in huge amount of profit for the company. I will continue this type style of immersion.
Speaking of GPT, I am using it every day. I think it is a kind of a, the buddy, to communicate with, in making decisions, in business making business decisions. I would like to deepen the relation with the GPT as well. That's it. I think I have responded to all the questions. Now we would like to close the Q&A session and move on to taking votes on matters for approval. Thank you for staying with us for many hours. The emcee will explain how it is going to proceed. For online and shareholders and to excuse me, please select Approve and Disapprove for the proposals on the website and click Exercise.
Please note that all submissions are to be made in a single transmission. While we confirm the results, we would like to take votes from visiting shareholders. If you're at the venue and opposed to Proposal 4, please leave your admission ticket in the box at the reception desk on your way out. We would like to proceed into vote taking. Those online and shareholders, please vote via the internet on Proposal 1 through Proposal 4. Proposal 1, Appropriation of Surplus or Dividend Payment. Those who are in favor, please applaud. Thank you. Now, I will take a vote on Proposal 2, Election of 9 Board Members, Directors. Please applaud if you are in favor. Thank you. Proposal 3, Election of 1 Audit and Supervisory Board Member. Those are in favor, please applaud. Proposal 4, Approval of a Contract for Transfer of Subsidiaries Equity Interest.
Please applaud if you are in favor. Thank you very much. Please wait for a moment while we confirm the results of the voting via the internet. We are going to tally the results. Just a moment, please. The outcome is here, so let me report. First, Proposal 1 through Proposal 3, and the majority have approval. Proposal number 4, over two-thirds approval. With this, all the proposals are approved as they are. With this, we have completed all the agenda items for the shareholders meeting. With this, the 43rd general shareholders meeting comes to an end. I would like to invite Mr. Kawabe, who is going to retire from the position this year. Please go ahead.
Well, I'm going to retire from the position at this board meeting, this shareholders meeting, Z Holdings, LINE Yahoo, which is going to be the new name, and I'm going to serve as the board, so that I will be committed to promoting AI revolution for a very short period of time. Despite the short period of time, thank you very much, and for your support given to me as a Member of the Board.
Mr. Kawabe, thank you very much. I hope that he is going in to serve as the chairman of the LINE Yahoo, and the communication between the two will continue as they have been, as it has been. We also have a new Board Director, Mr. Rene Haas. The floor is given to him.
Ohayo. Masayoshi Son, thank you very much for your kind words about Arm. We have been working together now for seven years, very closely for the last year and a half. I am deeply honored and pleased to serve on the SoftBank board. I look forward to working together with you and the other board members much more closely. Thank you. Lastly, in closing, the theme video of SoftBank. I think it is the high time to remake it, but I think it has already passed 10 years since we created this video. The situation remains all the same after 10 years, so it is not obsolete at all in terms of content. Once again, I hope that you will feel the same way when you look at this video.