SoftBank sent waves through the AI business this morning when the company sold its entire stake in NVIDIA, the tech giant 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 close to 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 finance a $22.5 billion investment into OpenAI.
The announcement of SoftBank’s sale impacted the market, causing the valuations of both NVIDIA and SoftBank shares to drop. However, a SoftBank spokesperson clarified to CNBC that the sale has nothing to do with any concerns regarding AI technology or its future prospects.
https://www.shacknews.com/article/146797/softbank-nvidia-stake-sale
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