Japan's SoftBank says it has sold its shares in Nvidia for $5.8 billion
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2:40 AM on Tuesday, November 11
The Associated Press
TOKYO (AP) — Japanese technology company SoftBank Group Corp. said Tuesday that it has sold all the Nvidia Corp. shares that it owned for $5.83 billion, while it reported higher than expected profit in the first half of this fiscal year.
Tokyo-based SoftBank Group Corp. said it sold the stake in Nvidia in October.
SoftBank reported its profit in April-September soared to almost triple what it was a year earlier. Its sales for the six months edged up 7.7% to 3.7 trillion yen ($24 billion), it said.
SoftBank's fortunes tend to fluctuate because it invests in a range of ventures, including through its Vision Funds, But for its latest results, its investments in OpenAI proved lucrative, a company official told reporters.
The group’s founder, Masayoshi Son, has recently focused ambitiously on the potential of AI.
SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI.
SoftBank stocks, which have surged over the past year to about double what they were worth, added nearly 2% Tuesday.
