SoftBank Group went limit up earlier this week

Shares are now +40% YTD and within reach of ATH

Paradoxically, its 5Y CDS actually widened to 342 bps since the start of the year (280 bps), implying a default probability in line with junk – costly insurance for a $223B market cap company

In many ways, SoftBank epitomises the current state of the market: belief in the exponential promise of AI coupled with nervous paranoia surrounding capex cycles, creative destruction, winners and losers

We dance while the music is playing, with an eye towards the exit

As a barometer of the market, SBG's $370B capital structure is well worth knowing

To understand Masa's rollercoaster swings and where we may be headed next, we peel back the onion on the key building blocks that make up SBG's NAV in Part 1 of this Series