Masayoshi Son hat erneut alle seine Anteile an Nvidia verkauft. Die Lehre aus dem letzten Mal "kostete" 250 Milliarden US-Dollar.

Masayoshi Son has once again left people scratching their heads.

Right at this juncture, he liquidated his entire stake in NVIDIA. Yes, you heard it right, a complete liquidation.

With the release of SoftBank's second - quarter financial report, the report clearly stated -

After the end of the second quarter, in October 2025, SoftBank sold its 32.1 million shares of NVIDIA (including those held by its asset management subsidiary), cashing out $5.83 billion (currently approximately RMB 41.5 billion).

Well, it's important to note that NVIDIA's market value has just breached the historic $5 trillion mark. I reckon no one is unaware of its potential and value.

Even if you say that Masayoshi Son seized the opportunity to sell at a high price, in the AI era, liquidating his stake in this star - company regarded as the "core of AI infrastructure" and the "hard currency of computing power" still inevitably raises questions -

Did Masayoshi Son spot an AI bubble?

After all, the last time he reduced his stake in NVIDIA, Jensen Huang later joked that he missed out on $250 billion in investment returns.

What on earth is Masayoshi Son thinking?

Masayoshi Son Parts Ways with Old Flame NVIDIA and All - in on New Love OpenAI

To figure out what Masayoshi Son is thinking, let's first answer a simple question:

Where will the money SoftBank cashed out this time ultimately flow? The answer is already clear - OpenAI.

According to SoftBank's Chief Financial Officer, Yoshiaki Goto, at the earnings briefing, this liquidation is related to the company's cooperation with OpenAI.

Due to the large - scale investment in OpenAI, funds were raised through (selling stocks) and put to use.

Specifically, SoftBank had signed an agreement with OpenAI, promising to make an additional investment of up to $40 billion, with the actual investment expected to be $30 billion (after deducting the $10 billion distributed to co - investors).

The first $10 billion payment was completed in April this year. Among it, $2.5 billion was borne by co - investors, and $7.5 billion was contributed by SoftBank Vision Fund 2 (SVF2). With OpenAI's restructuring completed, SoftBank plans to continue to contribute $22.5 billion through SVF2.

Part of this money comes from the sale of NVIDIA stocks this time.

Meanwhile, when considering SoftBank's financial report and professional market analysis, the timing of "Masayoshi Son liquidating his stake in NVIDIA" is also quite delicate.

The industry generally believes that this may represent Masayoshi Son is readjusting his AI strategy. A Morgan Stanley analyst said:

Masayoshi Son's liquidation of NVIDIA is not an escape from AI but a change of seats. The AI train is still moving forward; he just wants to sit in the cockpit.

As for what he's changing to, the answer lies in SoftBank's latest financial report. It mentioned that SoftBank's upcoming major investments include:

Follow - up investment in OpenAI, planned to be made in December 2025.

A $6.5 billion acquisition of American fabless semiconductor company Ampere, planned to be completed by the end of 2025.

A $5.4 billion acquisition of ABB's robotics business, planned to be completed in the middle to late 2026.

Investment in the Stargate project, with a clear path to ensure a total commitment of $500 billion/10 gigawatts.

Obviously, people think that Masayoshi Son has shifted his investment focus from hardware to the application interaction layer.

NVIDIA has always been the public face of the booming AI hardware, but SoftBank believes that greater opportunities lie in the software and model layers.

△ Image source: 𝕏@EndGame Macro

To put it more simply, "NVIDIA makes the shovels, OpenAI operates the mine, and Masayoshi Son wants to own the mine."

Another thing worth noting is that OpenAI will most likely go public soon.

Back then, the condition for SoftBank to approve the remaining $22.5 billion investment in OpenAI was for OpenAI to complete its restructuring by the end of the year to pave the way for listing.

At the end of last month, OpenAI did complete the restructuring of its capital structure, which means that an IPO is just around the corner.

Once OpenAI goes public successfully, Masayoshi Son's investment will undoubtedly yield returns on multiple levels.

It's worth mentioning that this isn't the first time Masayoshi Son has liquidated his stake in NVIDIA (doge).

In 2017, SoftBank bought nearly 5% of NVIDIA's shares for $4 billion, becoming one of its major shareholders.

But by 2019, it chose to cash out $3.6 billion and liquidated all its shares, and at that time, NVIDIA's market value was also soaring.

(Note: The first liquidation was relatively understandable. At that time, SoftBank was facing huge financial pressure due to a series of investment failures such as the failed IPO of WeWork. So, the sell - off was to stabilize its own financial situation and appease investors.)

It wasn't until last year that SoftBank started buying NVIDIA shares again. And his first liquidation was even brought up by NVIDIA CEO Jensen Huang.

At the NVIDIA AI Summit in Tokyo, Jensen Huang voluntarily mentioned that SoftBank used to be a major shareholder of NVIDIA, but later... missed out on a fortune.

Masayoshi Son was extremely embarrassed and started "crying together" with Jensen Huang on stage. And in a previous interview, he bluntly said that he "regretted selling NVIDIA stocks."

According to calculations, if the stocks Masayoshi Son liquidated for $3.6 billion in 2019 were held until now, they would be worth about $250 billion... Yes, $250 billion!

So, it's really hard to tell if he'll regret liquidating his stake in NVIDIA during the peak of the AI boom years from now.

This Is So Masayoshi Son

Although the outcome is hard to predict, it has to be said that Masayoshi Son's bold move of liquidating his stake in NVIDIA and heavily investing in OpenAI is very much in line with his personal style.

Throughout his investment career, high - risk, high - return, and large - scale investments have always been his most prominent labels.

Take his well - known "successful bet" on Alibaba as an example.

In 2000, during the Internet bubble period, Masayoshi Son defied the odds and invested $20 million in Alibaba. It is said that this investment decision was made just six minutes after his meeting with Jack Ma. By 2020, this investment was ultimately worth $150 billion, with a return rate so high that it made Masayoshi Son "famous overnight."

Later, globally, he also boldly invested in a number of star - companies such as Uber and WeWork. Although there were painful lessons like WeWork, they all fit his radical style of daring to place heavy bets at the forefront of the era.

But Masayoshi Son has never had another moment to invest in someone like Jack Ma and replicate the Alibaba miracle.

Masayoshi Son also attributes everything to "luck."

It's hard to tell if it's self - deprecation or the truth...

This time, it will be Sam Altman and OpenAI that will test his vision.

Reference Links:

[1]https://techcrunch.com/2025/11/11/softbanks - nvidia - sale - rattles - market - raises - questions/

[2]https://www.reuters.com/business/media - telecom/softbanks - 58 - billion - nvidia - stake - sale - stirs - fresh - ai - bubble - fears - 2025 - 11 - 11/

[3]https://www.nvidia.cn/events/ai - summit - japan/fireside - chat/

This article is from the WeChat official account "Quantum Bit". Author: Focus on cutting - edge technology. Republished by 36Kr with authorization.