SoftBank sent waves through the AI business this morning by selling its entire stake in NVIDIA, the company at the center of the AI craze. According to reports, the proceeds from this sale will be used to fund a massive investment into ChatGPT maker OpenAI.
News of SoftBank’s NVIDIA (NVDA) sale was reported by CNBC earlier today. During a presentation, CFO Yoshimitsu Goto stated, “We want to provide a lot of investment opportunities for investors, while we can still maintain financial strength.”
Sources from CNBC revealed that the $5.83 billion generated from SoftBank’s NVIDIA sale will be combined with cash from a T-Mobile stake sale to fund a $22.5 billion investment in OpenAI.
The announcement of SoftBank’s NVIDIA sale negatively impacted both companies’ stock prices, with the valuations of NVIDIA and SoftBank shares dropping. However, a SoftBank spokesperson assured CNBC that the sale is not driven by any concerns regarding AI technology or its future outlook.
https://www.shacknews.com/article/146797/softbank-nvidia-stake-sale
