SoftBank’s Son reveals why he sold entire stake in Nvidia for $5.83 billion; rejects AI bubble fears

Masayoshi Son, the founder of SoftBank Group, shared his emotional journey regarding the decision to sell the company's entire stake in Nvidia for an impressive $5.83 billion. During a forum held in Tokyo, Son expressed that he felt deeply saddened about parting with the shares, stating, "I was crying to sell Nvidia shares." In November, SoftBank announced the sale of its Nvidia holdings, a move reportedly driven by the need to finance its upcoming investments in artificial intelligence, including significant ventures into OpenAI and various data center projects. Son emphasized, "I don't want to sell a single share. I just had more need for money to invest in OpenAI and other projects." This sale aligns with the company's broader strategy to enhance the SoftBank Vision Fund's capabilities in the AI space. The firm has intensified its focus on artificial intelligence this year, embarking on numerous initiatives such as the Stargate Project for data centers and acquiring U.S. chip designer Ampere Computing. According to sources familiar with the situation, SoftBank may even consider increasing its investment in OpenAI, contingent upon the latter's performance and future valuations. Earlier this year, Son boldly declared that SoftBank was "all in" on OpenAI, predicting that the startup could potentially become the world's most valuable company. This gamble has already yielded positive results, with SoftBank reporting a remarkable net profit of 2.5 trillion yen ($16.6 billion) in the second quarter, driven largely by the appreciation of its OpenAI investments. However, Son's ambitious AI investments come amid growing anxieties in the market regarding a possible AI bubble. Responding to these concerns, Son dismissed the notion of an AI bubble, suggesting that critics lack understanding. He confidently forecasted that advancements in artificial intelligence and AI-driven robotics could contribute at least 10% to global GDP over time, surpassing the trillions of dollars invested in the technology.