券商中国·2025-11-11 07:52Core Insights - SoftBank Group sold its entire stake in NVIDIA for $5.83 billion, marking a significant divestment in a key tech asset [1][3] - The company also sold $9.17 billion worth of T-Mobile shares between June and September [1][3] - There are growing concerns about the AI investment bubble, with indicators suggesting that market risks are accumulating rapidly [1][8] Financial Performance - For the first quarter of the fiscal year 2025-2026, SoftBank reported revenues of 1.82 trillion yen, a year-on-year increase of 7% [4] - The pre-tax profit surged by 205.7% to 689.94 billion yen, with the Vision Fund contributing 451.39 billion yen to this profit [4] - The second quarter net profit reached an astonishing 2.5 trillion yen, exceeding market expectations [4] Market Trends - There is a notable influx of capital into large growth and tech stocks, with household stock positions hitting historical highs [8] - The sentiment in the options market is extremely optimistic, with the skew of call options for major tech stocks at the 91st percentile [8] - The concentration of AI investments raises systemic risks, as NVIDIA supports nearly all major AI players, indicating a high level of supply chain concentration [8] Investment Sentiment - Observers note that when all investors believe in the same narrative, a turning point may be approaching, suggesting a shift from opportunity to risk in AI investments [9]