在AI热潮的驱动下，用于建设数据中心的支出正以前所未有的速度激增，即将历史性地超过办公楼建 设成本的增速。 根据美国人口普查局最近发布的数据，截至今年7月的一年里，美国数据中心建设的年化支出已飙升至 410亿美元，几乎与美国所有私人办公楼的建设成本持平。 知名投资者David Einhorn于本周警示称，这一周期"很有可能带来巨大的资本毁灭"。而与此同时， OpenAI的Sam Altman则认为，即便投入数千亿美元，从长远看建设速度可能"还是显得太慢"。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 值得注意的是，当前的数据尚未完全反映未来的投资规模。包括英伟达、OpenAI、甲骨文、软银和 Meta在内的科技巨头已宣布了数千亿美元的新建设计划，这些项目将进一步推高支出数据。 据报道，英伟达与OpenAI正规划一个价值1000亿美元、功率达10吉瓦的超级数据中心项目。此外， OpenAI、甲骨文和软银也已宣布了其5000亿美元"星际之门（Stargate） ...

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。 ...