Group 1: Depreciation of Assets - The rapid depreciation of chips used by hyperscalers raises questions about the accuracy of asset valuation [2][4] - There is a concern regarding whether hyperscalers are marking their assets correctly, particularly the accelerators and chips [2][4] - A significant investment, such as 100 billion USD in accelerators, may lose value within 6 to 12 months, prompting scrutiny from councils [3] Group 2: Treasury Market Reactions - The Treasury market is responding to weak US labor market data, leading to expectations of rate cuts from the Federal Reserve [5][6] - The market's reaction is notable as it is the first opportunity to respond to the ADP figures indicating a weakening labor market [6] - There is a split among Federal Reserve speakers regarding inflation and labor market concerns, creating uncertainty about future monetary policy [6][7] Group 3: Japanese Yen and Market Intervention - Japanese officials have specific thresholds for market intervention to stabilize the yen, which are not yet met [10] - The rhetoric from the Japanese administration regarding currency stabilization is increasing as the yen remains under pressure [11] Group 4: SoftBank and Nvidia Stake - There is uncertainty surrounding SoftBank's sale of its Nvidia stake and its implications for company valuation [12][14] - The market reaction to SoftBank's trading has been volatile, reflecting broader concerns about valuation in the tech sector [13][14]

来源：环球网 【环球网科技综合报道】11月12日消息，据外媒《卫报》报道称，软银集团于最新财报季宣布，已于10 月出售所持英伟达股份，回笼资金58亿美元，并同步加码对OpenAI的超300亿美元投资。 软银首席财务官后藤义光在财报电话会上表示，公司今年对OpenAI的投资规模"空前庞大"，必须通过 变现现有资产筹措资金。"我们在10月并无特定时点考量，也并非基于对英伟达前景的判断，纯粹是为 新一轮AI布局提供流动性。" 该公司财报显示，得益于所持OpenAI股份公允价值上升，软银第二财季净利润同比翻番至2.5万亿日 元。此外，软银还减持了T-Mobile部分股权，继续为AI赛道"输血"。 AJ Bell投资总监Russ Mould指出，英伟达2024、2025年市值飙升至历史峰值后，软银选择在5万亿美元 高位区间兑现收益，被视为"聪明钱"获利了结的标志性事件。"投资者正在寻找AI行情见顶的线索，芯 片巨头任何大额减持都可能放大波动。" "资金并未离开AI领域，而是流向软银认为的'下一阶增量'——OpenAI。"Mould表示，"软银用真金白银 表明，它希望拥有下一波技术爆炸的'操作系统'，而不仅仅是提供算力工 ...

格隆汇11月12日｜软银周二表示清仓英伟达，进一步投资OpenAI，New Street Research分析师Rolf Bulk 表示，"我不认为软银对英伟达有负面看法，对英伟达的持仓头寸很大，流动性强，而且很容易变现， 软银可能认为将资金重新分配给OpenAI有更大的好处。" ...

Market Overview - Asian stocks ended mixed amid concerns about a potential AI-driven market bubble and signs of a weakening U.S. labor market [1] - Oil prices drifted lower after a recent gain, while China's Shanghai Composite index finished marginally lower as investors refocused on economic fundamentals [2] - Hong Kong's Hang Seng index surged 0.85% following the People's Bank of China's commitment to maintain an "appropriately loose" monetary policy [3] Company Performance - Sony Group shares increased by 3.7% after raising its profit outlook, while SoftBank Group and Tokyo Electron saw declines of 3.5% and 1.6% respectively [4] - In South Korea, the Kospi index rose 1.07%, driven by gains in auto and energy stocks, with Hyundai Motor and SK Innovation rising by 2.4% and 3.4% respectively [4] - Australian markets ended lower, with the S&P/ASX 200 dipping 0.22% as investors expressed concerns over high tech valuations, while Commonwealth Bank of Australia fell 3.1% due to margin pressure warnings [5] Economic Indicators - New Zealand's S&P/NZX 50 index rose 0.49% to a record high, reflecting positive market sentiment [6] - U.S. stocks ended mixed, with the Dow rising 1.2% to a record close amid expectations of an end to the government shutdown, while the tech-heavy Nasdaq Composite fell 0.3% [7] - A report indicated that private employers in the U.S. shed an average of 11,250 jobs per week in the four weeks ending October 25, signaling a deteriorating labor market [6]

还记得一年前那场令人唏嘘的名场面吗？孙正义与黄仁勋相拥而泣，为当年"卖早了"英伟达扼腕不已。 谁承想，就在昨日，软银集团发布公告称已清仓全部英伟达持仓，套现约58亿美元（约合415亿元人民 币）。随后晚间英伟达股价下跌，市值一夜蒸发千亿美元。 这笔退出也颇为精彩——英伟达刚刚成为全球首家市值突破5万亿美元的公司，短短半年时间，软银净 赚约30亿美元，落袋为安。 几乎同一时间，越来越多的声音开始质疑：这轮AI泡沫，离退潮还有多远。 软银清仓英伟达，套现400亿 一年前，孙正义曾一度后悔卖掉英伟达。 那是2024年英伟达日本峰会上，黄仁勋问起孙正义（Masayoshi Son），"Masa先生，你能想象，如果今 天你是英伟达最大的股东会怎么样？"话音刚落，孙正义抱住黄仁勋，假作痛哭状。 一段往事也再被提起。 时间回到2016年，孙正义掌舵的软银集团以320亿美元的价格现金收购了英国芯片巨头ARM，如此大手 笔被外界称为一场"绝命豪赌"。一个月后，孙正义将黄仁勋（Jensen Huang）请到了家中的院子里，一 场私密对话展开—— "Jensen，市场不了解英伟达的价值，未来一定会颠覆所有人认知，但市场并不理解这一 ...

Core Viewpoint - Masayoshi Son's decision to liquidate his entire stake in Nvidia raises questions about his investment strategy, particularly in the context of the AI boom and his shift towards OpenAI [2][6][31]. Group 1: Nvidia Stake Sale - SoftBank sold 32.1 million shares of Nvidia for $5.83 billion (approximately 41.5 billion RMB) after the end of Q2 2025 [3]. - Nvidia's market capitalization recently surpassed $5 trillion, indicating its significant value in the AI sector [5]. - This is not the first time Son has sold Nvidia shares; he previously liquidated his stake in 2019, which he later regretted as it cost him an estimated $250 billion in potential returns [28][25]. Group 2: Shift to OpenAI - The proceeds from the Nvidia sale are intended to fund SoftBank's substantial investment in OpenAI, with a commitment of up to $40 billion, of which $30 billion is expected to be invested [11][9]. - SoftBank's CFO confirmed that the liquidation aligns with the company's collaboration with OpenAI [8]. - The first tranche of $10 billion was completed in April 2025, with plans for further investments as OpenAI prepares for an IPO [11][20]. Group 3: Strategic Shift in AI Investment - Analysts suggest that Son's move to sell Nvidia is not an exit from AI but a strategic repositioning towards software and application layers, moving away from hardware [14][16]. - SoftBank's upcoming investments include acquiring Ampere for $6.5 billion and ABB's robotics business for $5.4 billion, indicating a focus on software and AI applications [17]. - The completion of OpenAI's restructuring paves the way for its IPO, which could yield significant returns for SoftBank [20][21].

当地时间11月11日，软银公司在公布最新财报时指出，公司已于10月清仓所持全部英伟达股份，套现58.3亿美元。这一时点正值市场对人工智能（AI）投 资的担忧情绪升温，迅速引发市场连锁反应。 截至当天收盘，英伟达美股价格下跌2.96%，报收193.16美元/股。 11月12日，在日本股市交易时段，软银股价开盘跳水，一大跌10%，随后跌幅收窄，最终收跌3.46%。 两次清仓英伟达 软银清仓英伟达并非首次，2019年公司就曾清空全部英伟达股份。 2017年软银以40亿美元入股英伟达，拿下近5%股份。而2019年的清仓让软银错过了英伟达市值从千亿美元"狂飙"到4万亿美元的"便车"。 从去年开始，软银重新建仓英伟达，去年四季度持仓为10亿美元，今年一季度再次增持至约30亿美元。 软银CFO后藤芳光在投资者说明会上表示："我们希望为投资者提供大量投资机会，同时仍能保持财务实力。"他说，将确保以"非常安全"的方式为投资做 好资金准备，上述股份出售是公司"资产货币化"战略的一部分。 大面积布局AI 清仓英伟达的背后，是软银对AI领域更加大胆的重新布局。 软银CEO孙正义正将资金转向未来科技巨头OpenAI，计划投资高达300 ...

Core Viewpoint - SoftBank Group has completely liquidated its holdings in NVIDIA, cashing out approximately $5.8 billion (around 415 billion RMB), leading to a significant drop in NVIDIA's market value by $100 billion overnight, raising questions about the sustainability of the current AI bubble [4][10]. Group 1: SoftBank's Investment Journey - SoftBank initially acquired a significant stake in NVIDIA in 2017 for $4 billion, becoming one of its largest shareholders, but sold its shares for $7 billion two years later to lock in profits [7]. - After missing out on substantial gains from NVIDIA's stock price surge, SoftBank increased its investment in NVIDIA to $3 billion by March 2024, only to sell all shares in October 2023 [8][10]. - The recent liquidation allowed SoftBank to realize a profit of approximately $3 billion within six months, coinciding with NVIDIA's market capitalization surpassing $5 trillion [4][10]. Group 2: Market Reactions and AI Bubble Concerns - Following the announcement of SoftBank's exit, NVIDIA's stock price plummeted, reflecting broader concerns about the potential bursting of the AI bubble, as many analysts question the sustainability of current valuations [4][14]. - Major financial figures, including JPMorgan's CEO, have warned of a significant risk of market correction, citing that many assets appear to be in bubble territory [14]. - The concentration of market capitalization among the top five U.S. companies has reached its highest level in half a century, raising alarms about potential overvaluation in the AI sector [14][15]. Group 3: Future Investments and Strategies - SoftBank plans to invest an additional $2.25 billion in OpenAI, increasing its total investment to $10.8 billion, reflecting a strong commitment to AI despite market volatility [11]. - The company has also expanded its financing against ARM shares and made significant acquisitions, indicating a bold strategy in the AI and technology sectors [11]. - CEO Masayoshi Son has expressed a willingness to invest heavily in AI, predicting it could impact global GDP by 5% to 10% over the next decade, emphasizing a proactive rather than defensive investment approach [11].

Core Insights - SoftBank is selling its entire stake in Nvidia, having sold 32.1 million shares for $5.83 billion in October, but this decision is not driven by concerns over Nvidia's high valuations [1][2][4] Group 1: SoftBank's Stake Sale - The sale of Nvidia shares is significant, amounting to $5.83 billion, indicating a major financial maneuver by SoftBank [1] - The decision to sell is not related to concerns about AI valuations, as per a source familiar with the sale [4] Group 2: Market Reactions and Concerns - The sale could be interpreted as a sign of unease regarding Nvidia's high valuations, especially given SoftBank's previous investment history [2] - Michael Burry has raised concerns about major AI companies potentially understating depreciation of AI chips, which could artificially inflate earnings [3]

Core Insights - SoftBank's shares experienced a decline of up to 10% following the announcement of a $5.8 billion sale of its stake in Nvidia, indicating increasing funding pressures faced by the company to support its significant investment in the creator of ChatGPT [1] Group 1 - The $5.8 billion sale of Nvidia shares underscores SoftBank's urgent need for capital to finance its aggressive investment strategy [1] - The decline in SoftBank's stock price reflects investor concerns regarding the company's financial health and its ability to sustain its investments [1] - The funding demands are primarily driven by SoftBank's "all-in" bet on the artificial intelligence sector, particularly in relation to ChatGPT [1]