SoftBank founder Masayoshi Son explained that he sold a stake in Nvidia because he needed to raise financing for new artificial intelligence projects, in particular for investments in OpenAI. He spoke at the FII Priority Asia forum in Tokyo on December 1.
Reason for the sale
Son said the company needed to obtain capital to implement large-scale initiatives, among them the construction of data centers. For that reason, selling shares turned out to be a way to secure funding more quickly.
I don't want to sell any shares. I simply needed the money more to invest in OpenAI and other projects. I cried when I sold the Nvidia shares
– Masayoshi Son
Further investments
SoftBank is ramping up AI investments: the company is carrying out the Stargate data center project together with Hon Hai Precision Industry, acquired U.S. chipmaker Ampere Computing, and intends to increase investments in OpenAI by the end of the year.
Those people are not smart enough
– Masayoshi Son
Son criticized skeptics of AI investments and added that if the technology can generate around 10% of global GDP in the long term, large expenditures will be justified.
- On November 11 SoftBank sold its stake in Nvidia for $5.8 billion and directed the proceeds to investments in OpenAI and other artificial intelligence projects.
