Softbank – Masayoshi Son’s Got Nothin’

Softbank Group - Q3 21 Results Reaction: ARM IPO Pivot Is the Big Reveal

Softbank – NVIDIA’s Abandonment of Arm and the Search for Credibility

Softbank Group Q2 21 Results Reaction: Softbank May Intend to Use ARM Proceeds for Buyback

Softbank Group - SenseTime Rally Offsets Some of China Weakness but Q3 Vision Fund in the Red

A Bull Investment Case for TSMC (Summary Version)

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Nvidia is reportedly close to throwing in the towel on the acquisition of ARM (although markets have assumed that outcome for awhile)</li>
<li>Softbank can still monetize the asset through an IPO but most likely at a lower valuation and with much fewer proceeds</li>
<li>We believe ARM was the primary source of buyback funds and with VF down $13bn QTD prospects for meaningful buybacks have been pushed out</li>
</ul>


Nvidia is reportedly close to throwing in the towel on the acquisition of ARM (although markets have assumed that outcome for awhile)
Softbank can still monetize the asset through an IPO but most likely at a lower valuation and with much fewer proceeds
We believe ARM was the primary source of buyback funds and with VF down $13bn QTD prospects for meaningful buybacks have been pushed out


Softbank Group - ARM News, Vision Fund Weakness Highlight That Share Buyback Will Be Back Loaded