SoftBank Invests $64.6 Billion in OpenAI, Sells NVIDIA Stake
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On October 1, SoftBank transferred the final $10 billion to OpenAI. In total, Masayoshi Son has invested $64.6 billion in the company, acquiring approximately 13% equity and becoming one of OpenAI's largest external shareholders. Logically, this should have been major news and a defining moment for Masayoshi Son's "All in on AI." But the market didn't cooperate. On the day the news was announced, SoftBank's stock dropped 5.6%, and then fell another 6% the next day. I've invested so much money, why is the stock price still falling? This story starts with Masayoshi Son selling NVIDIA. To raise funds for OpenAI, Son Masayoshi accomplished two major things. First, liquidate NVIDIA. By the end of 2025, SoftBank sold all 32.1 million shares of NVIDIA it held, raising approximately $5.8 billion. Later, Masayoshi Son publicly stated at the Tokyo FII Priority Asia forum: "I didn't want to sell a single share. I needed the capital to invest in OpenAI - I sold my NVIDIA stock 'with tears.'" NVIDIA was one of the most successful investments of his life, with early stakes returning over 30 times. But in Masayoshi Son's calculations, OpenAI is more important than NVIDIA. He preferred to exit at the peak of AI chip hype and redirect his funds toward OpenAI. Second, issuing junk bonds. In September this year, SoftBank issued $11.1 billion in high-yield bonds with yields as high as 9.75%...
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