All in AI后，"赌徒"孙正义正在翻身。 当地时间11月11日，软银集团公布最新的季度财报。财报显示，软银集团在2025年第二财季（截至9 月）录得净利润2.38万亿日元（约合人民币1100亿元），远高于此前分析师普遍预计的2070亿日元，净 利润同比激增101.7%。今年上半财年，软银集团也一举成为日本史上净利润最高的企业。 南方财经 21世纪经济报道记者 赖镇桃 报道 在猛投AI、大力布局AI版图后，软银如愿吃到了这波科技浪潮的红利。只是，在软银公布这份远超预 期的亮眼财报后，市场并不买账，财报发布当天软银股价一度下挫超10%，周三收盘时仍跌3.46%，主 要原因正在于其出人意料地清仓英伟达，再次引发市场对AI泡沫的担忧，连带英伟达周二股价收跌近 3%。 但在不少分析师看来，软银全部抛售英伟达、转投OpenAI，显示其依然坚信AI赛道。只是，当孙正义 不惜各种套现、激进豪赌AI，能否为软银再造巅峰？ 软银最新公布的财报显示，其上半年营收3.74万亿日元，净利润2.92万亿日元。第二财季营收1.92万亿 日元，创下公司历史新高；净利润2.50万亿日元，也是自2022年第二财季以来的最强表现。 软银旗下 ...

Group 1 - The core point of the article revolves around Masayoshi Son's strategic shift from investing in Nvidia to increasing his stake in OpenAI, indicating a transition from hardware to software in the AI value chain [1][2]. - Son's decision to sell Nvidia shares for $5.8 billion while investing $22.5 billion in OpenAI highlights a calculated move to focus on the future of AI technology rather than its current hardware supply [1][2]. - SoftBank's recent financial report shows that its investment in OpenAI has contributed over 50% of its investment returns, significantly boosting the group's net profit by 190% in the second quarter [2]. Group 2 - Son's investment philosophy emphasizes high-risk, high-reward strategies, as seen in his past investments in Alibaba and WeWork, which reflect a focus on disruptive potential rather than risk diversification [2][3]. - The ongoing investments in Ampere Computing and the Arizona AI manufacturing center illustrate SoftBank's ambition to not only participate in the AI revolution but also to lead its core ecosystem [2]. - Market skepticism towards Son's extreme foresight raises questions about whether he anticipates a peak in AI hardware growth or believes that the model layer will capture more value in the future [3].

Core Insights - Son Masayoshi, founder of SoftBank, has sold all his shares in Nvidia for $5.8 billion and invested $22.5 billion in OpenAI, indicating a strategic shift in his investment focus from hardware to software and AI models [1][2] - This move reflects a broader strategy to reposition within the AI value chain, suggesting that SoftBank is not bearish on AI but is instead aiming to take a more prominent role in the AI ecosystem [1][2] - SoftBank's recent financial performance shows that its investment in OpenAI has contributed over 50% of its investment returns, significantly boosting its net profit by 190% in the second quarter [2] Investment Strategy - Son's investment philosophy emphasizes high-risk, high-reward strategies, focusing on disruptive technologies rather than diversifying risk [2][3] - The decision to invest in OpenAI is seen as a bet on the future of AI, contrasting with Nvidia, which represents the current state of AI technology [2] - The ongoing investments in companies like Ampere Computing and participation in AI manufacturing initiatives illustrate a comprehensive strategy to dominate the AI ecosystem [2] Market Perception - There is skepticism in the market regarding Son's extreme foresight, questioning whether he anticipates a peak in AI hardware growth or a shift in value towards AI models [3] - The outcome of this bold investment strategy could either lead to significant success or repeat past mistakes, highlighting the high stakes involved in his approach [3]

SoftBank, one of the world’s most prominent technology investors, has placed astronomical bets on the future of artificial intelligence. On Tuesday, it said Nvidia is no longer one of them. Japanese billionaire Masayoshi Son’s firm sold its entire stake in the chipmaker at the heart of the AI boom, totalling 32.1 million shares, for $5.8 billion last month. The news reignited concerns among some investors about an AI bubble, but SoftBank said it was merely realigning its bets on the sector. SUBSCRIBE:  Re ...

IT之家 11 月 12 日消息，软银昨天发布最新季度财报，显示其在 2025 财年第二季度（截至 9 月）录得净利润 2.5 万亿日元（现汇率约合 1154.92 亿元人民 币），并在 2025 年 10 月以 58.3 亿美元（IT之家注：现汇率约合 415.02 亿元人民币）价格售出 3210 万股英伟达股票（含资产管理子公司持股）。 据 CNBC 今天报道，软银首席财务官后藤芳光在投资者说明会中表示，他们希望在保持财务稳健的同时，为投资者创造更多机会，此次减持英伟达属于公 司的"资产变现战略"之一，可确保软银以"安全的方式筹措资金"。 知情人士透露，软银出售英伟达所有股份和部分 T-Mobile 股份的原因是为了筹资 225 亿美元（现汇率约合 1601.71 亿元人民币）投资 OpenAI，此次出售与 外界猜测的"担忧 AI 泡沫破裂"无关。 New Street Research 分析师 Rolf Bulk 对此表示："此次清仓不应视为软银对英伟达发出谨慎或负面态度信号。事实上软银在 10 月至 12 月季度至少需要 305 亿美元（现汇率约合 2171.2 亿元人民币）资金，涵盖 225 亿美元 ...

Core Viewpoint - SoftBank founder Masayoshi Son has made a significant move by liquidating all of SoftBank's $5.8 billion stake in Nvidia to reinvest in the AI sector, including a planned $30 billion investment in OpenAI and participation in a $1 trillion AI manufacturing center project in Arizona [1][3]. Group 1: Nvidia Stake Sale - SoftBank sold all 32.1 million shares of Nvidia at an exit price of approximately $181.58 per share, which is only 14% lower than Nvidia's historical peak of $212.19 [2]. - Despite analysts suggesting that this move should not be interpreted as a negative stance towards Nvidia, the stock price still fell nearly 3% following the announcement [3]. Group 2: Historical Context of Investment Style - Son's investment history is characterized by extreme bets, including a significant loss of $70 billion during the internet bubble burst and a legendary investment of $20 million in Alibaba that grew to $150 billion by 2020 [7][9]. - The previous complete exit from Nvidia in 2019 resulted in a substantial loss, as SoftBank sold shares worth $3.6 billion that are now valued at over $150 billion [3][19]. Group 3: Market Reactions and Implications - The decision to fully liquidate the Nvidia stake raises questions in the market about whether Son has identified risks that others have overlooked [4][19]. - Son's history of extreme investment decisions creates uncertainty for investors, who can only rely on past performance as a guide [5][19]. Group 4: Future Aspirations - Son has been seeking another comeback in his career, and his actions suggest that when he does not push all his chips to the center of the table, it is often more surprising [20].

Core Insights - SoftBank has completely divested its holdings in NVIDIA, cashing out $5.83 billion, and is now focusing on investing in OpenAI, marking a strategic shift in its AI investment approach [1][2][3] Investment Strategy - SoftBank's decision to sell NVIDIA shares is seen as a move to reallocate funds towards OpenAI, with a commitment to invest an additional $22.5 billion, raising its total stake in OpenAI from 4% to 11% [1][2] - The total investment in OpenAI could exceed $30 billion, as SoftBank aims to accelerate the development of AGI (Artificial General Intelligence) and position OpenAI as a leading global company [2] Financial Impact - Following the divestment, SoftBank's cash reserves increased to approximately $20 billion, and the Vision Fund reported investment gains of $19 billion, primarily driven by the rising valuations of OpenAI and Oracle [3] - The market reacted negatively to SoftBank's exit from NVIDIA, with the stock dropping 3%, raising concerns about potential follow-on selling by other investors [3] Market Dynamics - The valuation of OpenAI has surged from $29 billion at the beginning of 2023 to over $500 billion by 2025, indicating strong market confidence in its growth potential [2] - Analysts are divided on SoftBank's strategy; some view it as a necessary liquidity move, while others express concerns about the sustainability of AI valuations and the risks associated with heavy investment in OpenAI [3][4] Strategic Considerations - SoftBank's shift away from NVIDIA may reflect a desire to mitigate risks associated with geopolitical tensions and competition in the semiconductor space [4] - The collaboration between SoftBank's Arm and OpenAI to develop low-power AI chips, along with the "Stargate" project aimed at creating a massive AI training infrastructure, highlights the potential for synergistic benefits within SoftBank's portfolio [4] - The transition from hardware-centric investments to a focus on AI applications suggests a broader trend in the industry, indicating that the next phase of AI investment will prioritize ecosystem integration over mere hardware acquisition [4]

在第二季度结束后，于2025年10月出售了所持有的3210万股英伟达股份（包括其资产管理子公司持有的股份），套现58.3亿美元（当前约合人 民币415亿元）。 孙正义又让人看不懂了。 就在这个时间点，他清仓了英伟达，没错，是清仓。 随着软银二季度财报公布，财报里明晃晃提到—— 好家伙，要知道英伟达市值可是刚刚突破了历史性的"5万亿美元"大关，其潜力和价值估计没有人不清楚。 而且就算你说孙正义是瞅准了时机想卖个高价，但在AI时代，清仓这家被视为"AI基建核心"、"算力硬通货"的明星公司，仍不免让人心生疑问—— 孙正义是看到AI泡沫了吗？ 毕竟上一次他减持英伟达，后来被老黄调侃损失了2500亿美元投资回报。 孙正义想什么呢？ 孙正义辞别旧爱英伟达，All in新欢OpenAI 要想搞清孙正义究竟在想什么，不妨先来回答一个简单问题： 软银这次套现的钱，最终会流向哪里？答案其实已经清晰——OpenAI。 据软银首席财务官后藤芳光在财报说明会上透露，清仓之举正与公司和OpenAI之间的合作有关。 由于对OpenAI的投资规模较大，因此通过（出售股票）来筹集资金并加以运用。 具体来说，软银曾和OpenAI签订协议，承诺将 ...

Core Insights - SoftBank has divested all its shares in NVIDIA, totaling 32.1 million shares for $5.83 billion, to invest in OpenAI, indicating a strategic shift towards AI development [1][5][10] - Following the sale, NVIDIA's stock price dropped nearly 3%, while SoftBank's shares fell over 5%, reflecting market reactions to the divestment [2][6] - SoftBank's recent financial maneuvers include selling $9.17 billion worth of T-Mobile shares, with proceeds aimed at funding significant AI projects, including a $40 billion commitment to OpenAI and a $500 billion "Star Gate" project [2][10] SoftBank's Investment Strategy - SoftBank was once NVIDIA's largest shareholder but sold nearly 5% of its stake in 2019, missing out on a potential $250 billion gain as NVIDIA's stock soared [3][4] - The company has re-entered NVIDIA's stock market, accumulating approximately $3 billion in investments before the recent full divestment [5][6] - The decision to exit NVIDIA is part of a broader strategy to focus on AI, with SoftBank's valuation increasingly tied to its relationship with OpenAI, which has seen a valuation increase of $14.6 billion since SoftBank's investment [13][15] Future AI Investments - SoftBank is heavily investing in AI infrastructure, including a $5.4 billion acquisition of ABB's robotics division and a planned $6.5 billion purchase of Ampere Computing [17][20] - The company has established a new division, "Robo HD," to consolidate its robotics-related businesses and has committed $575 million for further investments in this area [20] - SoftBank's strategy reflects a belief in "Physical AI" as the next wave of the AI revolution, integrating AI technologies into real-world applications like robotics and autonomous vehicles [17][20]

Core Viewpoint - SoftBank Group has liquidated its entire stake in Nvidia, cashing out $5.83 billion (approximately 415 billion RMB), leading to a significant drop in Nvidia's stock price and a loss of $100 billion in market capitalization overnight [1] Group 1: SoftBank's Investment History - SoftBank's relationship with Nvidia began in 2014 when it recognized Nvidia's potential in AI infrastructure, purchasing nearly 5% of its shares for $4 billion [1] - In 2019, SoftBank sold all its Nvidia shares for $7 billion, missing out on Nvidia's rise from a $100 billion market cap to $4 trillion [1] - SoftBank re-invested in Nvidia in 2024, increasing its stake to $1 billion, and later to $3 billion by March 2025, before selling all shares again for $5.83 billion [1] Group 2: Market Reactions and Analyst Opinions - Analysts are divided on Masayoshi Son's decision to sell; some view it as a wise move reflecting market risk sensitivity, while others see it as a negative signal given the long-term prospects of AI technology [1][2] - Concerns about an impending AI bubble are growing, with many investors fearing that the current valuations of AI stocks, including Nvidia's P/E ratio exceeding 100, are unsustainable [2][3] Group 3: Broader Market Sentiment - The performance of AI stocks has been under scrutiny, with Nvidia's market cap dropping from $5 trillion to $4.69 trillion, and other AI-related companies also experiencing significant declines [4][5] - A recent Bank of America survey indicated that over 60% of fund managers believe there is a bubble in AI stocks, marking a historical high [4][5] - Major financial institutions, including the Bank of England and the IMF, have warned that the current market conditions for AI stocks resemble the peak of the internet bubble [5] Group 4: Strategic Shifts and Future Outlook - SoftBank's decision to shift its investment focus towards ARM's AI chip development has been interpreted as a move towards more stable technologies rather than speculative investments [5] - Nvidia's founder, Jensen Huang, has also sold over $1 billion worth of Nvidia shares since June, indicating a lack of confidence in the stock's current valuation [6]