SoftBank doubles down: Mega-stakes in Nvidia und TSMC signal KI-Wettlauf

Der japanische Tech-Gigant geht all-in auf Chiphersteller – während die KI-Blase weiter wächst.

SoftBank erhöht seine Wette auf die Zukunft der künstlichen Intelligenz. Mit massiven Käufen bei Nvidia (dem unangefochtenen KI-Grafikchip-König) und TSMC (dem heimlichen Herrscher hinter allen Halbleitern) zeigt Masayoshi Son erneut seinen Appetit auf risikoreiche Tech-Wetten.

Die Strategie: Setze auf die Schaufelnverkäufer im Goldrausch.

Während Analysten über Bewertungen stöhnen, die jeden Dotcom-Höhepunkt blass aussehen lassen, scheint SoftBank nach dem Alibaba-Coup erneut auf ein „Hail Mary“-Play zu setzen. Die Ironie? Selbst wenn die KI-Blase platzt – die Chiphersteller kassieren bereits heute.

Son Rebuilds AI empire around arm to reclaim lost ground in chip race

At the center of SoftBank’s AI strategy is Arm Holdings Plc, the UK-based chip designer with a 90% stake. Son is now crafting a portfolio of key industry players around Arm, aiming to regain ground after missing the historic AI-fueled rally that propelled Nvidia to a $4 trillion valuation and TSMC close to $1 trillion.

“Nvidia is the picks and shovels for the gold rush of AI,” said Ben Narasin, founder of Tenacity Venture Capital. SoftBank’s growing stake in Nvidia may give it greater influence — and potentially faster access — to the chipmaker’s in-demand hardware, he added. “Maybe he gets to skip the line.”

SoftBank is expected to report strong paper gains from its Nvidia bet when it announces earnings on Thursday. Since its April low, Nvidia’s market value has surged nearly 90%, while TSMC shares are up over 40%.

Despite being an early believer in AI, SoftBank sold a 4.9% stake in Nvidia in 2019 — a position that WOULD now be worth more than $200 billion. Massive losses at the Vision Fund also limited its capacity to invest aggressively in generative AI early on.

Son spearheads large-scale initiatives like the $500 billion Stargate data center project with OpenAI, Oracle, and Abu Dhabi’s MGX fund. He’s also in talks with TSMC and others to build a $1 trillion AI chip manufacturing hub in Arizona.

Comgest Asset Management’s Richard Kaye believes Son views himself as the natural provider of AI semiconductor technology, aiming to control the industry’s upstream and downstream segments.

SoftBank rallies investors as Son eyes big AI deals

Investors are buying into Son’s vision. SoftBank’s shares hit a record high last month, buoyed by strong AI exposure and plans for a $6.5 billion acquisition of Ampere Computing LLC and a possible $30 billion investment in OpenAI.

Still, SoftBank trades at a roughly 40% discount to its net asset value, which includes its dominant stake in the $148 billion-valued Arm. Its $119 billion market cap remains a fraction of AI giants like Nvidia.

To navigate regulatory headwinds, Son is leveraging his connections with Donald TRUMP and is reportedly holding frequent meetings with U.S. officials. This comes as SoftBank’s planned acquisition of Ampere faces an FTC review amid heightened scrutiny of AI and semiconductor deals.

Investors will be watching Thursday’s earnings for clues on which assets SoftBank may divest next to fund its hardware ambitions. The firm raised about $4.8 billion in June by selling part of its T-Mobile stake. CFO Yoshimitsu Goto has cited a net asset value of ¥25.7 trillion ($175 billion), indicating sufficient liquidity for continued expansion.

Over the past year, the Vision Fund exited holdings in DoorDash, View Inc., Wiz, and Peak, while ramping up purchases of Nvidia, TSMC, and Oracle shares.

In June, Son told shareholders that SoftBank is pursuing AI through a broad network of startups and group companies, intending to position itself as the key architect behind the leading platform in the era of artificial SUPER intelligence.

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