BRIEF NEWS - Business: Softbank sells all Nvidia shares for $5.8 billion
SoftBank, the Japanese company, has unexpectedly sold its entire stake in Nvidia, raising $5.8 billion. Bloomberg reported this on Tuesday (November 11). SoftBank manages the world's largest tech fund and plans to invest to further expand its influence in the field of artificial intelligence.
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The Tokyo-based company had increased its stake in Nvidia to around $3 billion by the end of March. This investment, along with a surge in profits at its startup investment unit Vision Fund, helped Softbank achieve a surprising net profit of $16.2 billion in the second quarter.
With stakes in OpenAI and Oracle, SoftBank has a portfolio that includes some of the world's most sought-after names in AI. These investments boosted SoftBank's profits and contributed to a 78% rise in its share price in the three months to September – its best performance since the December quarter of 2005. The sale of its Nvidia shares caused a stir in the markets on Tuesday.
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