SoftBank Group Corp. has sold its entire stake in Nvidia Corp. for $5.83 billion, freeing up capital to accelerate its sweeping investments in artificial intelligence, even as global investors increasingly question whether the trillion-dollar AI boom can sustain its momentum.The sale, disclosed this week, marks SoftBank’s latest move to reposition itself at the center of the rapidly evolving AI ecosystem. Founder and CEO Masayoshi Son has been divesting assets to bankroll a series of ambitious projects, from Stargate, a next-generation AI data center network built with OpenAI and Oracle Corp., to massive robot manufacturing hubs planned across the United States.Yet the move also comes amid growing skepticism. With AI spending by tech giants such as Meta Platforms Inc. and Alphabet Inc. projected to surpass $1 trillion in the coming years, investors are increasingly asking whether the wave of capital pouring into the field will yield real profits.SoftBank shares tumbled more than 10% in Tokyo on Wednesday following the news, reflecting market unease over high valuations and Son’s aggressive spending. Nvidia’s stock also fell as much as 3.9% in U.S. trading, despite having surged 48% so far this year through Monday’s close.During an earnings call Tuesday, Chief Financial Officer Yoshimitsu Goto sought to reassure investors, emphasizing that the Nvidia sale was not a reflection of SoftBank’s outlook on the U.S. chipmaker but rather a financing decisionaimed at expanding its AI footprint.“I can’t say if we’re in an AI bubble or not,” Goto said. “We sold Nvidia so that the capital can be utilized for our financing.”This is not the first time SoftBank has exited Nvidia. The Japanese conglomerate first sold out of its position in 2019, then quietly began rebuilding a small stake the following year. By March 2025, SoftBank had accumulated around $3 billionin Nvidia shares — just before the chipmaker’s value skyrocketed amid the AI boom triggered by ChatGPT. Nvidia has since added more than $2 trillion in market capitalization, delivering SoftBank a substantial windfall.That rally, coupled with SoftBank’s early bet on OpenAI, helped deliver a blowout fiscal second quarter. The company reported a ¥2.5 trillion ($16.2 billion) profit — more than six times analysts’ average forecast of ¥418 billion. Goto said OpenAI’s valuation had risen $14.6 billion since SoftBank invested, further bolstering its bottom line.According to Bloomberg Intelligence analyst Kirk Boodry, SoftBank is now on track to post its strongest annual profit since 2020. “The sale of $5.8 billion in Nvidia shares highlights the company’s access to liquidity as it continues its AI investment program,” Boodry said.Son’s AI ambitions are vast. Beyond Stargate, SoftBank is working on what Son has described as a $1 trillion AI manufacturing hub in Arizona, designed to produce next-generation hardware for intelligent systems. He has personally courted U.S. President Donald Trump, as well as the leaders of Taiwan Semiconductor Manufacturing Co. and major South Korean conglomerates, to secure partnerships.SoftBank also explored a potential takeover of Marvell Technology Inc. earlier this year as part of its push to expand its semiconductor and AI computing capabilities.Today, the company’s portfolio includes some of the most valuable names in AI — from OpenAI and Perplexity AI Inc.to ByteDance Ltd., the parent of TikTok. These holdings helped fuel a 78% surge in SoftBank’s share price during the three months ending in September, its strongest quarterly performance since 2005.To further attract retail investors, SoftBank announced a 4-for-1 stock split effective January 1, 2026, making its shares more affordable to individual buyers in Japan.However, analysts caution that Son’s aggressive expansion poses risks. Financing for multiple mega-projects — from AI data centers to chip design acquisitions — will test SoftBank’s balance sheet and ability to manage leverage.Through its Vision Fund 2, SoftBank has pledged to invest $22.5 billion in OpenAI, removing earlier conditions tied to the commitment. It is also negotiating the $6.5 billion acquisition of U.S. chip designer Ampere Computing LLC, alongside a $5.4 billion deal for ABB Ltd.’s robotics division.To support these deals, SoftBank expanded a margin loan backed by its Arm Holdings Plc shares to $20 billion from $13.5 billion, with $11.5 billion still available. The firm also secured an $8.5 billion bridge loan to fund its OpenAI investment, and another to finance the Ampere acquisition.“The simple trade was to buy SoftBank for cheap exposure to Arm and the broader AI wave,” a Finimize Research note on Smartkarma observed ahead of earnings. “That idea has more than delivered — the stock’s more than doubled. But now the discount’s mostly closed, so it’s likely a good time to sell and take profits.”Even so, Son remains unwavering in his vision. Having once called himself a “crazy AI optimist,” he sees the technology not as a bubble, but as a once-in-a-century transformation. Whether investors share that conviction may determine SoftBank’s next chapter — and how much further its bold AI gamble can run.更多精彩内容，关注钛媒体微信号（ID：taimeiti），或者下载钛媒体App