DT新材料·2025-11-11 16:03Core Viewpoint - SoftBank Group is shifting its investment strategy from hardware, specifically Nvidia, to broader AI ecosystem projects, as evidenced by its recent divestment and new investments in OpenAI [2][3]. Group 1: SoftBank's Nvidia Holdings - As of the end of Q2, SoftBank sold its 32.1 million shares of Nvidia for $5.83 billion, having previously acquired nearly 5% of Nvidia for $4 billion in 2017 [2]. - SoftBank had cleared its entire Nvidia stake in 2019 for $7 billion, missing out on Nvidia's market cap growth from $100 billion to $1 trillion [2]. - In the past year, SoftBank increased its Nvidia holdings to approximately $3 billion before the recent sale, indicating a strategic shift in focus [2]. Group 2: Investment in OpenAI - SoftBank plans to invest an additional $22.5 billion in OpenAI, following a previous commitment of up to $40 billion, with an expected actual investment of $30 billion after accounting for shared loans [3]. - The first round of financing of $10 billion was completed in Q1, with $7.5 billion coming from SoftBank Vision Fund 2 [3]. - A joint venture, SB OAI Japan GK, was established to provide AI solutions to Japanese enterprises, with a product launch planned for 2026 [3]. Group 3: Financial Performance - SoftBank reported a net profit of 2.5 trillion yen (approximately 115.3 billion RMB) for Q2, significantly exceeding analyst expectations of 207 billion yen and up from 1.18 trillion yen year-on-year [4]. - The profit increase is attributed to the Vision Fund's heavy investment in tech stocks, yielding 2.8 trillion yen (approximately 129.2 billion RMB) from holdings in OpenAI and PayPay [4]. - SoftBank will implement a 1-for-4 stock split on January 1, aimed at enhancing stock liquidity and market appeal, despite recent concerns over an AI bubble [4].