财富FORTUNE·2025-11-13 13:07Core Viewpoint - SoftBank Group has completely liquidated its Nvidia shares, cashing out $5.8 billion to invest in OpenAI, indicating a strong belief in the long-term potential of the AI sector and a commitment to high-risk projects in emerging technologies [2][3][4]. Group 1: Investment Strategy - SoftBank sold 32.1 million shares of Nvidia, resulting in a significant stock price drop of 2% shortly after the announcement [2]. - The CFO of SoftBank stated that the company requires liquidity to fulfill its investment commitments to OpenAI, which includes a planned investment exceeding $30 billion [3][4]. - This marks the second complete liquidation of Nvidia shares by SoftBank, with the previous instance in 2019 resulting in a missed opportunity worth over $150 billion today [3]. Group 2: OpenAI Investment Details - SoftBank's investment in OpenAI has deepened, with a commitment to lead a $40 billion funding round that values OpenAI at $300 billion, with plans for a total investment of $34.7 billion by the end of December [5][6]. - The valuation of OpenAI has surged from $157 billion in October last year to $500 billion recently, making it the highest-valued private company globally [5]. Group 3: Financing Strategies - To raise funds for the OpenAI investment, SoftBank has employed aggressive financing strategies, including selling shares, issuing bonds, and obtaining bridge loans [6]. - The company has increased its margin loan secured by Arm Holdings stock from $13.5 billion to $20 billion [6]. Group 4: AI Infrastructure Plans - SoftBank is financially responsible for the Stargate Project, a $500 billion initiative aimed at developing AI infrastructure across the U.S., with delays acknowledged in its progress [7][8]. - The first Stargate data center has begun operations in Texas, with plans for additional facilities that are expected to create 7 gigawatts of data center capacity over three years [8]. Group 5: Market Sentiment and Future Outlook - There are concerns regarding the sustainability of AI valuations and whether the substantial capital investments will yield corresponding returns [9]. - Despite mixed opinions, SoftBank's stance is that the risk of not investing is greater than the risk of investing [9]. - SoftBank's stock has nearly doubled in value in 2025, reflecting investor confidence in OpenAI's success [10].