SoftBank sold $5.83 billion of its Nvidia stock in October: Here’s why

People were thinking SoftBank had seen a bubble forming. Far from it, according to its CEO.
The massive stock sale fueled a lot of rumors and worries. (Picture: generated)
Known for its massive stakes in emerging technologies, SoftBank’s disclosure of the sale caused a 2% dip in Nvidia’s share price and inflated talk of an AI bubble.

Now CEO Masayoshi Son has revealed that it certainly wasn’t because they were taking profit before any downturn. On the contrary:

— I was crying to sell Nvidia shares, he told the FII Priority Asia forum in Tokyo, and says he «didn’t want to sell a single share,» adding that «I respect Jensen, I respect Nvidia so much,» according to Business Insider.

— I just had more need for money to invest into OpenAI, invest into our opportunities, is the simple explanation from Son, according to CNBC.

SoftBank has already invested $30 billion in OpenAI.

At the same time, he, like many AI insiders, rejected any notion of a bubble, saying that «super AI» could add as much as 10% to global GDP, and that OpenAI might become the most valuable company in the world.

Read more: Archived livestream from the FII Priority Asia forum, writeups by Business Insider, CNBC.

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  1. Pingback: OpenAI closing in on $100 billion funding round at $830B valuation

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