软银集团周二清晨在投资者简报会上宣布，已清仓全部英伟达（Nvidia）股份，套现58亿美元，转而将资金投向OpenAI。这一战略调整既凸显了集团对人工智能领域的长期看好，也体现了CEO孙正义在新兴科技领域重仓押注高风险项目的决心。消息公布后，英伟达股价开盘不久便下跌2%。
软银集团周二披露，已于10月出售3210万股英伟达股票。当天发布的2025财年第二季度财报显示，公司净利润同比翻倍，至2.5万亿日元（约合166亿美元），创下2022年7-9月以来最佳季度业绩。这主要得益于其所持OpenAI股份的估值增长，该部分收益在本季度达到2.16万亿日元。
再次清仓英伟达
这是软银集团第二次彻底清仓这家芯片制造商的股票。该公司曾于2019年以36亿美元清仓全部英伟达持股，后在2020年重新买入，直至此次最新抛售。此前的抛售已成为投资圈的警示案例：若软银集团当时保留那些原始股份，其价值如今将超过1500亿美元。
在财报电话会议上被问及出售英伟达股票的时机时，软银集团首席财务官（CFO）后藤芳光（Yoshimitsu Goto）表示，公司需要流动资金来履行对OpenAI的投资承诺。
他表示：“今年我们对OpenAI的投资规模庞大，需投入超过300亿美元，为此我们必须变现部分现有资产。”
后藤芳光未明确说明10月出售英伟达股份是否具有特殊意义，但称此次交易是软银集团持续进行的“资产剥离与再投资”循环的一部分，并称持续进行资本重组是公司的“宿命”。他特别补充道，这一决定“与英伟达本身无关”。
清仓英伟达，加码OpenAI
在软银集团清仓英伟达的同时，其与OpenAI的合作关系在过去一年里已变得更为深入。今年3月，该公司同意领投一轮规模高达400亿美元的融资，使OpenAI估值达到3000亿美元。根据协议，软银集团承诺于4月完成首期100亿美元注资，并计划在12月追加最高300亿美元的第二期投资。该公司计划向共同投资者分销100亿美元，使其实际投资额达到300亿美元。
10月，软银集团董事会批准了第二笔225亿美元的投资，但前提是OpenAI完成旨在实现未来公开上市的企业重组。若重组未能在年底前完成，软银集团的总投资额将降至200亿美元。到12月底，软银集团对OpenAI的总投资额预计将达到347亿美元。
过去一年间，OpenAI的估值迅速攀升：从去年10月的1570亿美元，到今年3月的3000亿美元，再到上月员工股权出售后攀升至5000亿美元。这一惊人的增值使OpenAI超越埃隆·马斯克的SpaceX，成为全球估值最高的私营公司。
为筹集OpenAI投资资金，软银集团采取了激进的融资策略，包括减持股权（如在6月至9月期间抛售价值91.7亿美元的T-Mobile股票）、发行债券以及获取过桥贷款。该公司近期还扩大了以Arm Holdings股票为抵押的保证金贷款额度，从135亿美元增至200亿美元。
软银集团的宏伟蓝图
这笔投资是软银集团多项庞大人工智能计划的核心。今年1月，孙正义与美国总统唐纳德·特朗普（Donald Trump）、OpenAI CEO萨姆·奥尔特曼及甲骨文（Oracle）的拉里·埃里森（Larry Ellison）共同宣布启动“星门计划”（Stargate Project），这是一个耗资5000亿美元、旨在全美范围内开发人工智能基础设施的项目。软银集团承担该项目的财务责任，孙正义出任主席，OpenAI负责运营管理。
尽管投入规模庞大，星门计划的推进仍遭遇延迟。在9月的一次简报会上，后藤芳光承认项目进展慢于预期，并表示需要与包括甲骨文和阿布扎比的MGX在内的合作伙伴达成共识。
“我们需要时间为星门计划准备一个示范案例，”后藤芳光对分析师和记者表示。“项目涉及多方参与，达成共识需要时间。”
9月，OpenAI宣布位于得克萨斯州阿比林的首个星门数据中心已投入运营，并计划在得克萨斯州、新墨西哥州、俄亥俄州和中西部地区再新建五座设施。该建设项目预计在三年内将创造7吉瓦的数据中心容量，带动超过4000亿美元投资，最终目标是实现总容量10吉瓦。
清仓英伟达使软银集团得以腾出资金进行更多人工智能相关的收购。该公司正敲定以65亿美元收购芯片设计公司Ampere Computing，并近期以约54亿美元收购了ABB的机器人业务部门。此外，软银集团还向英特尔（Intel）投资20亿美元，以支持基于Arm架构的人工智能芯片开发。
然而，市场对人工智能估值的可持续性以及巨额资本投入能否带来相应回报，仍存有疑虑。
“各方看法不一，但软银集团的立场是，不投资的风险远大于投资的风险。”后藤芳光在周二的简报会上表示。
孤注一掷
2025年软银集团股价已上涨近两倍，投资者将其视为OpenAI成功的代表。此外，软银集团宣布将于2026年1月1日实施1拆4的股票分拆，以提高散户投资者的参与度。但资金筹措问题依然存在。
MST Financial的大卫·吉布森（David Gibson）告诉《金融时报》，软银集团已承诺的投资总额约为1130亿美元，但其融资能力仅为585亿美元。这一资金缺口促使该公司积极利用现有资产进行杠杆融资，包括以Arm股票为抵押筹集50亿美元保证金贷款，以及为OpenAI获取85亿美元过桥贷款。
孙正义的投资理念始终围绕长期、变革性的技术。他早年于2000年押注阿里巴巴，在这家中国电商巨头2014年上市时获得了580亿美元的回报。但其投资记录好坏参半——软银集团对WeWork的支持以备受瞩目的崩盘告终，而过早退出英伟达则成为错失良机的惨痛教训。
就目前而言，孙正义似乎仍愿意将软银集团的未来押注在人工智能上。（*）
译者：中慧言-王芳
软银集团周二清晨在投资者简报会上宣布，已清仓全部英伟达（Nvidia）股份，套现58亿美元，转而将资金投向OpenAI。这一战略调整既凸显了集团对人工智能领域的长期看好，也体现了CEO孙正义在新兴科技领域重仓押注高风险项目的决心。消息公布后，英伟达股价开盘不久便下跌2%。
软银集团周二披露，已于10月出售3210万股英伟达股票。当天发布的2025财年第二季度财报显示，公司净利润同比翻倍，至2.5万亿日元（约合166亿美元），创下2022年7-9月以来最佳季度业绩。这主要得益于其所持OpenAI股份的估值增长，该部分收益在本季度达到2.16万亿日元。
再次清仓英伟达
这是软银集团第二次彻底清仓这家芯片制造商的股票。该公司曾于2019年以36亿美元清仓全部英伟达持股，后在2020年重新买入，直至此次最新抛售。此前的抛售已成为投资圈的警示案例：若软银集团当时保留那些原始股份，其价值如今将超过1500亿美元。
在财报电话会议上被问及出售英伟达股票的时机时，软银集团首席财务官（CFO）后藤芳光（Yoshimitsu Goto）表示，公司需要流动资金来履行对OpenAI的投资承诺。
他表示：“今年我们对OpenAI的投资规模庞大，需投入超过300亿美元，为此我们必须变现部分现有资产。”
后藤芳光未明确说明10月出售英伟达股份是否具有特殊意义，但称此次交易是软银集团持续进行的“资产剥离与再投资”循环的一部分，并称持续进行资本重组是公司的“宿命”。他特别补充道，这一决定“与英伟达本身无关”。
清仓英伟达，加码OpenAI
在软银集团清仓英伟达的同时，其与OpenAI的合作关系在过去一年里已变得更为深入。今年3月，该公司同意领投一轮规模高达400亿美元的融资，使OpenAI估值达到3000亿美元。根据协议，软银集团承诺于4月完成首期100亿美元注资，并计划在12月追加最高300亿美元的第二期投资。该公司计划向共同投资者分销100亿美元，使其实际投资额达到300亿美元。
10月，软银集团董事会批准了第二笔225亿美元的投资，但前提是OpenAI完成旨在实现未来公开上市的企业重组。若重组未能在年底前完成，软银集团的总投资额将降至200亿美元。到12月底，软银集团对OpenAI的总投资额预计将达到347亿美元。
过去一年间，OpenAI的估值迅速攀升：从去年10月的1570亿美元，到今年3月的3000亿美元，再到上月员工股权出售后攀升至5000亿美元。这一惊人的增值使OpenAI超越埃隆·马斯克的SpaceX，成为全球估值最高的私营公司。
为筹集OpenAI投资资金，软银集团采取了激进的融资策略，包括减持股权（如在6月至9月期间抛售价值91.7亿美元的T-Mobile股票）、发行债券以及获取过桥贷款。该公司近期还扩大了以Arm Holdings股票为抵押的保证金贷款额度，从135亿美元增至200亿美元。
软银集团的宏伟蓝图
这笔投资是软银集团多项庞大人工智能计划的核心。今年1月，孙正义与美国总统唐纳德·特朗普（Donald Trump）、OpenAI CEO萨姆·奥尔特曼及甲骨文（Oracle）的拉里·埃里森（Larry Ellison）共同宣布启动“星门计划”（Stargate Project），这是一个耗资5000亿美元、旨在全美范围内开发人工智能基础设施的项目。软银集团承担该项目的财务责任，孙正义出任主席，OpenAI负责运营管理。
尽管投入规模庞大，星门计划的推进仍遭遇延迟。在9月的一次简报会上，后藤芳光承认项目进展慢于预期，并表示需要与包括甲骨文和阿布扎比的MGX在内的合作伙伴达成共识。
“我们需要时间为星门计划准备一个示范案例，”后藤芳光对分析师和记者表示。“项目涉及多方参与，达成共识需要时间。”
9月，OpenAI宣布位于得克萨斯州阿比林的首个星门数据中心已投入运营，并计划在得克萨斯州、新墨西哥州、俄亥俄州和中西部地区再新建五座设施。该建设项目预计在三年内将创造7吉瓦的数据中心容量，带动超过4000亿美元投资，最终目标是实现总容量10吉瓦。
清仓英伟达使软银集团得以腾出资金进行更多人工智能相关的收购。该公司正敲定以65亿美元收购芯片设计公司Ampere Computing，并近期以约54亿美元收购了ABB的机器人业务部门。此外，软银集团还向英特尔（Intel）投资20亿美元，以支持基于Arm架构的人工智能芯片开发。
然而，市场对人工智能估值的可持续性以及巨额资本投入能否带来相应回报，仍存有疑虑。
“各方看法不一，但软银集团的立场是，不投资的风险远大于投资的风险。”后藤芳光在周二的简报会上表示。
孤注一掷
2025年软银集团股价已上涨近两倍，投资者将其视为OpenAI成功的代表。此外，软银集团宣布将于2026年1月1日实施1拆4的股票分拆，以提高散户投资者的参与度。但资金筹措问题依然存在。
MST Financial的大卫·吉布森（David Gibson）告诉《金融时报》，软银集团已承诺的投资总额约为1130亿美元，但其融资能力仅为585亿美元。这一资金缺口促使该公司积极利用现有资产进行杠杆融资，包括以Arm股票为抵押筹集50亿美元保证金贷款，以及为OpenAI获取85亿美元过桥贷款。
孙正义的投资理念始终围绕长期、变革性的技术。他早年于2000年押注阿里巴巴，在这家中国电商巨头2014年上市时获得了580亿美元的回报。但其投资记录好坏参半——软银集团对WeWork的支持以备受瞩目的崩盘告终，而过早退出英伟达则成为错失良机的惨痛教训。
就目前而言，孙正义似乎仍愿意将软银集团的未来押注在人工智能上。（*）
译者：中慧言-王芳
SoftBank Group has liquidated its complete stake in Nvidia for $5.8 billion, the company announced during a presentation for investors early Tuesday morning, instead redirecting capital toward OpenAI as part of a strategic pivot that underscores both the company's bullish conviction on AI and CEO Masayoshi Son's willingness to place massive, high-stakes bets on emerging tech. Nvidia stock fell 2% shortly after the opening bell.
SoftBank sold 32.1 million Nvidia shares in October, the company disclosed Tuesday alongside fiscal second-quarter earnings showing net profit more than doubling to 2.5 trillion yen, or approximately $16.6 billion. The windfall represented SoftBank's best quarterly performance since July-September 2022, driven primarily by valuation gains in its OpenAI holdings, which totaled 2.16 trillion yen for the quarter.
Exiting Nvidia---again
This marks SoftBank's second complete exit from the chipmaker. The firm previously sold its entire $3.6 billion Nvidia stake in 2019, only to re-enter the position in 2020 before this latest departure. That earlier sale has become something of a cautionary tale in investment circles: Had SoftBank retained those original shares, they would now be worth more than $150 billion.
Asked during an earnings call about the timing of the Nvidia sale, SoftBank's CFO Yoshimitsu Goto suggested the company needed liquidity to fund its OpenAI commitments.
“This year our investment in OpenAI is large, more than $30 billion needs to be made,” he said. “For that, we do need to divest our existing assets.”
Goto declined to specify whether the October timing held particular significance, but described the sale as part of SoftBank's ongoing cycle of “divesting and reinvesting,” calling it the company's “fate” to continually reallocate capital. Notably, he added the decision had “nothing to do with Nvidia itself.”
Nvidia out, OpenAI in
As SoftBank turns away from Nvidia, its involvement with OpenAI has grown much deeper, especially over this past year. In March, the company agreed to lead a funding round of up to $40 billion at a valuation of $300 billion. Under the arrangement, SoftBank committed to an initial closing of $10 billion in April, with a second tranche of up to $30 billion scheduled for December. The company plans to syndicate $10 billion to co-investors, bringing its effective investment to $30 billion.
In October, SoftBank's board approved the second installment of $22.5 billion, contingent on OpenAI completing a corporate restructuring that would enable a future public listing. If the restructuring fails to materialize by year-end, SoftBank's total investment would drop to $20 billion. By the end of December, SoftBank's total investment in OpenAI is expected to reach $34.7 billion.
OpenAI's valuation has rapidly climbed over the past year, rising from $157 billion last October to $300 billion in March and then to $500 billion following an employee share sale last month. The dramatic appreciation has positioned OpenAI as the world's most valuable private company, surpassing Elon Musk's SpaceX.
SoftBank's aggressive financing of its OpenAI stake has included selling down equity holdings---including T-Mobile shares worth $9.17 billion between June and September---as well as issuing bonds and securing bridge loans. The company also recently expanded the terms of a margin loan backed by shares of Arm Holdings from $13.5 billion to $20 billion.
The big picture for SoftBank
The investment is central to several sprawling AI initiatives. In January, Son joined President Donald Trump, OpenAI CEO Sam Altman, and Oracle's Larry Ellison in announcing the Stargate Project, a $500 billion initiative to develop AI infrastructure across the United States. SoftBank assumed financial responsibility for the project, with Son serving as chairman, while OpenAI took operational control.
Despite the scale of the commitment, the Stargate rollout has encountered delays. During a September briefing, Goto acknowledged that progress was taking longer than anticipated, citing the need to build consensus among partners including Oracle and Abu Dhabi's MGX.
“We need to take our time to prepare a model case for Stargate,” Goto told analysts and reporters. “A lot of parties are involved. Time is needed to form a consensus.”
In September, OpenAI announced the first Stargate data center in Abilene, Texas, had begun operations, with five additional facilities planned across Texas, New Mexico, Ohio, and the Midwest. The buildout is projected to create 7 gigawatts of data center capacity and more than $400 billion in investments over three years, aiming for a total of 10 gigawatts.
The Nvidia sale has freed SoftBank to pursue additional AI-related acquisitions. The company is finalizing a $6.5 billion acquisition of chip designer Ampere Computing and recently acquired ABB's robotics division for about $5.4 billion. It also took a $2 billion stake in Intel to support development of AI chips based on Arm's architecture.
Yet, concerns persist about the sustainability of AI valuations and whether the enormous capital commitments will generate commensurate returns.
“There are various opinions, but SoftBank's position is that the risk of not investing is far greater than the risk of investing,” Goto said during Tuesday's presentation.
Betting the house
SoftBank's stock has nearly tripled in 2025 as investors have treated the company as a proxy for OpenAI's success. The company also announced a four-for-one stock split effective Jan. 1, 2026, to improve accessibility for retail investors. But questions remain about financing.
David Gibson at MST Financial told The Financial Times SoftBank has committed approximately $113 billion in investments but possesses funding capacity of only $58.5 billion. The shortfall has prompted the company to leverage existing assets aggressively, including raising a $5 billion margin loan backed by Arm shares and securing $8.5 billion in bridging loans for OpenAI.
Son's investment philosophy has always centered on long-term, transformative technologies. His early bet on Alibaba in 2000 yielded $58 billion when the Chinese e-commerce giant went public in 2014. But the track record is mixed---SoftBank's backing of WeWork ended in a high-profile collapse, and the premature exit from Nvidia has become a painful reminder of opportunities lost.
For now, Son appears willing to stake SoftBank's future on AI.