Jing Ji Ri Bao·2025-11-22 21:53Core Insights - SoftBank Group's founder Masayoshi Son has made two significant decisions that have sparked discussions in the U.S. capital markets: selling all shares of Nvidia for $5.83 billion and planning a $22.5 billion investment in OpenAI [1] Group 1: SoftBank's Actions - SoftBank sold its entire stake in Nvidia in October, raising $5.83 billion, citing strategic asset allocation rather than a negative outlook on Nvidia's long-term prospects [1] - The sale triggered a sell-off in U.S. tech stocks, leading to a notable decline in the share prices of several tech companies, including Nvidia [1] - SoftBank plans to invest an additional $22.5 billion in OpenAI in December, with analysts suggesting that the liquidation of Nvidia shares was aimed at funding this investment [1] Group 2: OpenAI's Market Position - OpenAI's valuation has skyrocketed to over $500 billion in just three years, significantly contributing to the overall rise of the U.S. stock market, with approximately 80% of the market's gains attributed to the AI sector [2] - OpenAI's aggressive development strategy and partnership model have raised concerns among investors, particularly regarding its sustainability and potential risks [2][3] - OpenAI's partnerships with major tech companies like Nvidia involve substantial financial commitments, including a $100 billion investment from Nvidia for a large-scale AI data center [2] Group 3: Financial Concerns - OpenAI is facing significant financial challenges, with potential quarterly losses exceeding $12 billion, raising doubts about its ability to achieve the projected revenue of over $20 billion this year [4] - The company's promised investment in computing power has reached $1 trillion, necessitating rapid commercial returns to justify such a scale of investment [4][5] - Analysts warn that the current investment model may be over-leveraging future demand, which could lead to severe repercussions if market conditions change [5][6] Group 4: Broader Industry Implications - The recent AI investment wave has put considerable pressure on the cash flow of many U.S. tech companies, prompting them to issue a significant amount of debt [6] - Oracle's recent bond issuance and subsequent credit rating downgrade highlight the financial strain caused by commitments to AI projects, which may exceed their free cash flow capabilities [6] - Historical precedents, such as the dot-com bubble, raise concerns about the sustainability of current investment strategies in the AI sector [3][6]