SoftBank sells its Nvidia stake for $5.8 billion to fund OpenAI bet

WALL STREET JOURNAL

SoftBank Group has sold its stake in Nvidia for $5.8 billion, as the global tech investor shakes its pockets for cash to plow into its massive bet on OpenAI.

Playing catch-up in the artificial intelligence race, the Japanese conglomerate led by Masayoshi Son has strongly embraced the ChatGPT maker this year. This spring, it agreed to invest $30 billion into the company by the end of December, more than any other investor thus far.

That commitment to OpenAI—$7.5 billion of which was invested earlier this year—has already bolstered SoftBank. On Tuesday, the company said its quarterly profit more than doubled compared with a year earlier to $16.2 billion, driven by gains in the value of the startup.

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