Zheng Quan Shi Bao·2025-11-12 11:51Group 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].