Jing Ji Ri Bao·2025-11-23 07:49Core Viewpoint - SoftBank's recent decisions to sell all Nvidia shares for $5.83 billion and invest $22.5 billion in OpenAI have sparked significant discussion in the U.S. capital markets, raising concerns about the risks associated with these moves [1][2]. Group 1: SoftBank's Actions - SoftBank sold its entire stake in Nvidia in October, 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][2]. Group 2: OpenAI's Financial Dynamics - OpenAI's valuation has skyrocketed to over $500 billion within three years, significantly contributing to the overall rise in 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 has committed to a massive $1 trillion investment in computing power, necessitating rapid commercial returns to justify such expenditures [5][6]. Group 3: Market Concerns and Risks - Investors are wary of OpenAI's "circular financing" model, which relies on continuous funding and partnerships with tech giants, raising questions about the viability of such a structure [3][6]. - Historical parallels are drawn to the 2000 internet bubble, where over-optimism led to significant financial losses for many companies [3]. - OpenAI's CEO has downplayed immediate profitability concerns, focusing instead on scaling operations, but this approach has led to skepticism regarding the company's long-term financial health [4][6]. Group 4: Broader Industry Implications - The current AI investment wave has placed substantial cash flow pressures on many U.S. tech companies, prompting them to issue significant amounts of debt [7]. - In September and October alone, U.S. tech firms issued $75 billion in bonds, with projections suggesting total issuance could exceed $200 billion for the year [7]. - Concerns are growing about the sustainability of these investments, especially as companies like Oracle face downgrades in their debt ratings due to excessive capital expenditures related to AI contracts [7].