Masayoshi Son’s SoftBank disclosed on August 14, 2026 that Intel accounted for 66.81% of its disclosed U.S. equity portfolio, a $12.14 billion position that made the chipmaker the firm’s clear center of gravity. The filing showed 86,956,522 Intel shares held as of June 30, 2026, far ahead of the rest of the portfolio.
That disclosure landed while investors were still parsing Intel’s latest results and guidance. Intel said on July 23 that Q2 FY2026 revenue reached $16.128 billion, up 25.4% from a year earlier, and that non-GAAP EPS was $0.42 versus a $0.22 estimate. It also said Data Center and AI revenue jumped 59% to $6.262 billion. Lip-Bu Tan called it the strongest revenue growth in more than 15 years, while Zinsner guided 2026 capex above $20 billion and said 2027 capex would be significantly higher.
The size of the Intel bet stands out because SoftBank’s other disclosed U.S. holdings were much smaller. Symbotic accounted for 9.85% of the portfolio, or $1.79 billion, and T-Mobile US made up 9.23%, or $1.68 billion. SoftBank had already committed a $2.0 billion strategic investment into Intel that closed in Q3 2025, and NVIDIA also made a $5.0 billion equity investment in Intel, underscoring how much outside money had started to gather around the company’s turnaround story.
But the filing also caught Intel in a rough patch. Between June 30 and August 14, 2026, the stock fell 26.59% from $139.63 to $102.50 even as SoftBank’s disclosed position remained enormous. Intel was still up 329.59% over one year, and the consensus target stood at $114.88, with a forward multiple near 81x, leaving the market split between a sharp rally in the turnaround narrative and a pullback in the price.
SoftBank’s 13F does not explain why Son chose to keep so much of its disclosed U.S. equity book in Intel at that moment, but it makes the bet plain: this is a concentrated wager on an American semiconductor comeback, not a diversified pass-through holding. Intel’s next test is its Q3 2026 guide for $15.8 billion to $16.8 billion in revenue and a 42% non-GAAP gross margin, the benchmark investors will use to judge whether the thesis can keep outrunning the stock’s volatility.
