特朗普签了。 当地时间11月24日，美国白宫发布声明表示，总统特朗普签署了一项行政命令，启动一项旨在利用人工 智能（AI）变革科学研究方式、加速科学发现的全新国家计划"创世纪计划"。 声明表示，该命令指示能源部创建一个人工智能实验平台，整合美国超级计算机和独特数据资产，以生 成科学基础模型并为机器人实验室提供支持。该命令指示总统科学与技术事务助理（APST）协调这项 国家计划，并整合联邦政府各部门的数据和基础设施。能源部长、总统科学与技术事务助理以及人工智 能与加密技术特别顾问将与学术界和私营部门的创新者合作，支持并加强"创世纪计划"。 值得一提的是，今年以来，美国频频在AI领域发力。1月21日，特朗普在白宫宣布，美国开放人工智能 研究中心（OpenAI）、日本软银集团（SoftBank）和美国甲骨文公司（Oracle）将共同投资5000亿美 元，用于推动美国人工智能（AI）基础设施建设。 特朗普表示，这三家企业已联手打造一个名为"星际之门"（Stargate）的项目，该项目将建设下一代人 工智能所需的物理与虚拟基础设施，包括分布在全美的数据中心。他称其是"历史上最大的人工智能基 础设施项目"。 当地时间9月 ...

Core Insights - The spending on data center construction is experiencing unprecedented growth, soon surpassing the growth rate of office building construction costs [1] - As of July this year, annualized spending on data center construction in the U.S. has surged to $41 billion, nearly matching the construction costs of all private office buildings [2] - Since July 2014, the increase in data center construction spending has reached 2200%, with major tech companies announcing significant new investment plans [3] Group 1 - The release of ChatGPT at the end of 2022 has significantly accelerated this trend, prompting official statistical agencies to categorize data centers as a separate statistical category [2] - Notable investors, such as David Einhorn, have warned that this cycle could lead to substantial capital destruction [3] - Tech giants including Nvidia, OpenAI, Oracle, SoftBank, and Meta have announced new construction plans totaling hundreds of billions of dollars, which will further elevate spending figures [3] Group 2 - Nvidia and OpenAI are planning a $100 billion super data center project with a power capacity of 10 gigawatts [3] - OpenAI, Oracle, and SoftBank have also announced their $500 billion "Stargate" project, while Meta is advancing its "Titan Cluster" data center initiative [3]

Core Viewpoint - SoftBank Group reported a significant profit of 421.8 billion yen (approximately 2.9 billion USD) for the first quarter, driven by strong performance from its Vision Fund, particularly due to the recovery in tech stock valuations, especially Nvidia's stock surge [3][4][7]. Financial Performance - The Vision Fund achieved a profit of 451.4 billion yen this quarter, marking a substantial turnaround from losses in the same period last year [3][7]. - The fund's value increased by 4.8 billion USD, primarily due to a 46% rise in Nvidia's stock price during the quarter [3][10]. - SoftBank's net profit exceeded analyst expectations of 127.6 billion yen, marking the second consecutive quarter of profitability [3][4]. Investment Strategy - SoftBank's investment strategy has focused on key semiconductor companies, with Nvidia and TSMC being core holdings, leading to significant returns [10]. - The fund's performance was bolstered by the recovery of other listed companies, including Grab, Auto1 Group SE, and Symbotic [8]. - Investments in non-listed assets, particularly in Indian companies like Swiggy Ltd., also contributed positively to the fund's performance [9]. AI Initiatives - The recovery in profits supports Masayoshi Son's ambitious AI strategy, including the "Stargate" project in collaboration with OpenAI and Oracle, aiming to invest up to 500 billion USD in AI infrastructure [12][13]. - SoftBank is leading a 40 billion USD funding round for OpenAI and plans to invest an additional 30 billion USD [13]. - The success of the "Stargate" project and the management changes at OpenAI are critical factors for SoftBank's future evaluations [13]. Asset Management - To fund its AI strategy, SoftBank has been divesting non-core assets, raising approximately 4.8 billion USD from the sale of T-Mobile US Inc. shares in June and an additional 3 billion USD in August [14]. - This strategy has garnered some market approval, with analysts expressing cautious optimism about SoftBank's long-term prospects [15].

Group 1 - SoftBank Group reported a net profit of 421.8 billion yen (approximately 2.9 billion USD) for the first fiscal quarter ending June 30, significantly exceeding analyst expectations of 127.6 billion yen, marking the second consecutive quarter of profitability and reversing losses from the previous year [1][6] - The Vision Fund was the primary driver of this performance, achieving a value increase of 4.8 billion USD and contributing 451.4 billion yen in profit to SoftBank [1][6] - The improvement in performance was largely attributed to a general recovery in technology stock valuations, particularly benefiting from SoftBank's stake in NVIDIA, which saw a 46% increase in stock price during the quarter [1][9] Group 2 - The Vision Fund's strong performance helped to eliminate losses from the previous year, with significant contributions from other investments such as Grab, Auto1 Group SE, and Symbotic [6][7] - Non-listed assets, including investments in Indian companies like Swiggy Ltd., also provided positive returns [8] - SoftBank's strategic investments in semiconductor stocks, particularly in NVIDIA and TSMC, yielded substantial returns, with SoftBank increasing its stake in NVIDIA to over 3 billion USD [9] Group 3 - In light of the improved profitability, SoftBank is advancing ambitious AI projects, including the "Stargate" initiative in collaboration with OpenAI and Oracle, which aims to invest up to 500 billion USD in building data centers and AI infrastructure in the U.S. [10] - SoftBank is also leading a 40 billion USD funding round for OpenAI and plans to invest an additional 30 billion USD [10] - To support its AI strategy, SoftBank has been divesting non-core assets, raising approximately 4.8 billion USD from the sale of T-Mobile US Inc. shares and an additional 3 billion USD in August [10]

Group 1 - OpenAI plans to expand its "Stargate" project internationally, increasing investment in overseas data centers to promote "democratic AI" development, with no details on financing or delivery yet disclosed [1] - The "Stargate" project, initially announced by former President Trump, involves a $500 billion investment from Oracle, OpenAI, and SoftBank to build AI-supporting infrastructure in the U.S. [1] - OpenAI's global affairs VP, Chris Lehan, indicated that the investment for international projects will exceed that of the U.S. [1] Group 2 - OpenAI is coordinating with the U.S. government to facilitate overseas contracts, considering ten project sites in traditional ally countries, with funding partners to be determined based on specific project conditions [2] - The company is attempting to reclassify certain "secondary countries" to "primary countries" to allow them access to advanced U.S. AI chips, including India, Israel, UAE, Saudi Arabia, and Switzerland [2] - Despite the push for global data center expansion, OpenAI faces challenges such as compliance with local regulations and data sovereignty issues regarding data ownership and control [2] - OpenAI recently announced a shift back to a non-profit model, abandoning its previous plan for a full profit-oriented transformation, reflecting significant internal adjustments amid external pressures [2]

根据CNBC报道，OpenAI正面临其发展历程中的关键转折点。据知情人士透露， 若OpenAI未能在12 月31日前完成从非营利组织向营利性实体的转型，其正在进行的大规模私募融资将面临重大调整，融 资金额可能从原计划的400亿美元缩减至300亿美元，差额高达100亿美元。 [1] OpenAI funding round could be cut by $10 billion if for-profit conversion doesn't occur by year-end, https://www.cnbc.com/2025/03/31/openai-funding-could-be-cut-by-10-billion-if-for-profit-move-lags.html 图片来源： Unsplash 这一融资条款为OpenAI的转型计划增添了紧迫性。根据《华尔街日报》此前报道，此轮融资完成 后，OpenAI的估值将达到创纪录的3000亿美元。然而，这一宏伟计划现在面临多重挑战。其中，软 银的投资份额可能从300亿美元降至200亿美元，而包括微软在内的其他投资者财团的100亿美元投资 承诺则保持不变。 ...