Key Takeaways
- • SoftBank liquidated its entire 32.1 million share stake in NVIDIA in October 2025, generating $5.83 billion in proceeds, marking the second major exit from the chipmaker in the founder's history.
- • The stake sale is directly tied to SoftBank's major investment push into OpenAI, with CFO Yoshiaki Goto confirming that proceeds from the NVIDIA liquidation were raised specifically to fund the firm's large-scale OpenAI cooperation.
- • This decision echoes a previous costly misstep: when Masayoshi Son sold SoftBank's NVIDIA stake in 2019 for approximately $3.3–$4 billion, that same position would have appreciated to roughly $178 billion by 2025—a missed opportunity valued at $150–$250 billion in unrealized gains.
- • The sale occurs as NVIDIA's market capitalization surpasses the $5 trillion milestone, positioning the chipmaker as the dominant "core of AI infrastructure" and raising questions about whether Son perceives valuation or structural risks in the AI sector.
- • SoftBank's capital reallocation reflects a strategic pivot from infrastructure-layer semiconductor exposure toward direct investment in generative AI applications, betting that OpenAI represents greater value creation than NVIDIA at current valuations.
Summary
Masayoshi Son's SoftBank completed the liquidation of its entire NVIDIA position in October 2025, selling 32.1 million shares for $5.83 billion according to the company's second-quarter financial report. This marks the second major exit from the chipmaker by the Japanese conglomerate, reigniting scrutiny of Son's investment timing and strategic direction in artificial intelligence infrastructure.
SoftBank's Chief Financial Officer Yoshiaki Goto explicitly linked the NVIDIA stake sale to the company's aggressive capital deployment into OpenAI, stating that funds were raised through the liquidation specifically to support SoftBank's "large-scale investment" in the AI firm. The timing is notable given that NVIDIA's market value has just breached $5 trillion, cementing its status as the dominant supplier of computing infrastructure underpinning the generative AI boom.
The decision carries particular weight given SoftBank's documented history with NVIDIA. When Son previously exited the company's NVIDIA stake in 2019, selling for approximately $3.3–$4 billion, that same position would have appreciated to approximately $178 billion by 2025—representing an estimated $150–$250 billion opportunity cost. Jensen Huang subsequently joked about Son's missed returns, underscoring the visibility and magnitude of the foregone gains.
The strategic reallocation from NVIDIA to OpenAI suggests Son is betting that direct exposure to generative AI applications will generate superior returns compared to semiconductor infrastructure plays, even as NVIDIA maintains commanding market dominance. Whether this reflects genuine conviction about OpenAI's valuation or concerns about AI sector froth remains a material question for investors tracking Son's positioning. The move consolidates SoftBank's transition from infrastructure-layer plays toward direct stakes in large language model development and deployment.
SoftBank's Chief Financial Officer Yoshiaki Goto explicitly linked the NVIDIA stake sale to the company's aggressive capital deployment into OpenAI, stating that funds were raised through the liquidation specifically to support SoftBank's "large-scale investment" in the AI firm. The timing is notable given that NVIDIA's market value has just breached $5 trillion, cementing its status as the dominant supplier of computing infrastructure underpinning the generative AI boom.
The decision carries particular weight given SoftBank's documented history with NVIDIA. When Son previously exited the company's NVIDIA stake in 2019, selling for approximately $3.3–$4 billion, that same position would have appreciated to approximately $178 billion by 2025—representing an estimated $150–$250 billion opportunity cost. Jensen Huang subsequently joked about Son's missed returns, underscoring the visibility and magnitude of the foregone gains.
The strategic reallocation from NVIDIA to OpenAI suggests Son is betting that direct exposure to generative AI applications will generate superior returns compared to semiconductor infrastructure plays, even as NVIDIA maintains commanding market dominance. Whether this reflects genuine conviction about OpenAI's valuation or concerns about AI sector froth remains a material question for investors tracking Son's positioning. The move consolidates SoftBank's transition from infrastructure-layer plays toward direct stakes in large language model development and deployment.
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