OpenAI“朋友圈”重创：软银跌40%，甲骨文承压，谷歌成最大赢家？

Group 1 - SoftBank's stock has dropped 40% since late October, and Oracle has lost all gains since early September, raising concerns about their partnerships with OpenAI [2] - SoftBank's chairman Masayoshi Son has committed to invest $30 billion in OpenAI by the end of the year, but doubts about OpenAI's valuation could significantly impact SoftBank's net asset value [2][3] - SoftBank recorded its best quarterly performance in three years, partly due to a $12.8 billion fair value gain from its OpenAI stake, but this could be reversed if OpenAI fails to maintain its valuation [3] Group 2 - Oracle's $300 billion computing contract with OpenAI remains uncertain, with investor skepticism growing following the launch of Alphabet's Gemini 3 model [4] - Oracle has committed over $100 billion in capital expenditures for the Stargate project, which will impact its financial statements over the next three years [4] - Alphabet maintains a strong financial position with negative net debt and generates approximately $150 billion in operating cash flow annually, contrasting with OpenAI's reliance on venture capital [5][6]