SEOUL (dpa-AFX) - One of SoftBank's most valuable investments has been cashed out. As it shifts more aggressively toward artificial intelligence ventures, particularly OpenAI, the Japanese tech giant announced Tuesday that it raised $5.8 billion by selling its stake in Nvidia in October.
SoftBank's profit almost tripled in the first half of its fiscal year, which coincided with the sale. From April to September, the company's revenue increased 7.7 percent to 3.7 trillion yen, while its earnings came to about 2.5 trillion yen, or about $13 billion.
Due to its extensive investment activity through its Vision Funds, SoftBank's results frequently fluctuate significantly; however, recently, those wagers have been profitable.
In addition to investing tens of billions of dollars in OpenAI, Chairman Masayoshi Son recently announced the $500 billion 'Stargate' AI project alongside other prominent figures in the tech industry, such as Sam Altman and Larry Ellison.
Because of Nvidia's explosive growth, the chipmaker recently became the first $5 trillion company in history, making SoftBank's exit particularly profitable.
Additionally, Nvidia intends to invest a whopping $100 billion to increase OpenAI's processing capacity.
SoftBank claims that even after selling its Nvidia stake, the two businesses are still close because many of the projects it supports still use Nvidia chips.
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