SoftBank plans to launch its Neocloud business in the U.S. through SB Neo Inc., aiming to build approximately 10 gigawatt-scale AI infrastructure. SoftBank Corp. holds 51% of the shares, and SoftBank Group holds 49%. The service is expected to be online only in fiscal year 2027.

The 10-gigawatt scale means it is not simply expanding a few data centers but treating AI computing power as infrastructure similar to power grids and communication networks, with longer payback periods and higher sensitivity to interest rates and energy costs.

Interestingly, on the same day, U.S. stock optical communication and storage concept stocks collectively retreated in pre-market trading. AXT fell about 5%, and some optical component and storage manufacturers fell more than 3%-4%. Market optimism for this "shovel-selling" chain has clearly moderated.

From an industry perspective, this seems more like AI infrastructure entering a "cash flow interrogation period": computing power demand is indeed expanding, but capital is starting to distinguish who can truly turn heavy assets into stable cash flow and who is just following the trend and telling stories. Going forward, interest rate trends and energy costs may become key variables in the success or failure of such projects.