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SoftBank has bled over $100 billion in value since late October, after going all in on OpenAI and walking away from Nvidia. The company’s stock has collapsed about 40%, wiping out more than ¥16 trillion from its market cap. The hit came as Alphabet dropped Gemini 3.0, spooking investors and raising fresh doubts about OpenAI’s position. Now traders treat SoftBank like a proxy for OpenAI, and the result is brutal. Masayoshi Son thought he was buying the future. Instead, he’s watching his company sink as markets rethink how much they’re willing to pay for anything with the letters A and I in it. SoftBank’s profit in Q2 had soared to ¥2.5 trillion off the back of a $14.6 billion paper gain from OpenAI. But that upside didn’t last. The same bet is now setting fire to SoftBank’s value as fast as it inflated it. SoftBank spends billions while markets hit reverse On Wednesday, SoftBank shares briefly jumped after it confirmed the $6.5 billion acquisition of Ampere Computing, a U.S.-based chip designer that builds processors for servers. That one pop aside, the spending spree isn’t slowing. The company is staring down a $22.5 billion payment to OpenAI in December, part of its $32 billion total commitment to Sam Altman’s startup. It’s also trying to lock down a $5.4 billion deal for ABB’s robotics division. Masayoshi sold off SoftBank’s holdings in Nvidia and Oracle to load up on AI infrastructure. Now he’s buying into chipmakers that he believes can deliver energy-efficient AI processing. That includes Arm Holdings, which SoftBank owns nearly 90% of. Ampere builds on Arm’s architecture, and that’s where Son wants to push the hardware angle. But not everyone is buying that pitch. Amir Anvarzadeh, equity strategist at Asymmetric Advisors, doesn’t see it the same way. He said, “Beyond its…

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Filed under: News - @ November 26, 2025 10:26 am