Analysts expected a ¥129 billion profit from SoftBank. It lost ¥1.12 trillion, roughly $7 billion, its first net loss in almost two years. So where did the money go, and who else is exposed? • A writedown of about $3.7 billion (roughly ¥600 billion) tied to power equipment for its US AI data centers, including the 8-gigawatt Ohio project, with nonrefundable advance payments to equipment makers part of it • The value of its Intel holding fell and financing costs rose • Shares dropped as much as 11% in Tokyo, to a low of ¥3,465 • GE Vernova and Bloom Energy shares fell Tuesday on the news • The same quarter a year earlier was a profit of about $16 billion Bloomberg reports the CFO, Yoshimitsu Goto, says there are no plans to downsize the Ohio project, but SoftBank is doing a "thorough reassessment" that includes its procurement strategy. Nonrefundable deposits are a bet that the buildout goes exactly to plan, and SoftBank just paid to find out it doesn't always. The dip in GE Vernova and Bloom Energy shows the market is watching demand for this equipment. With financing costs rising too, we should all be watching how this AI spending is being funded.