Japanese multinational investment holding company SoftBank announced on Tuesday that it would sell all of its shares in American microchip maker Nvidia for $5.83 billion (5.83 billion).
The company announced this information amid news of a major investment plan in ChatGPT developer OpenAI.
CNBC reported that SoftBank announced in its earnings report that it sold 32.1 million shares of Nvidia shares in October.
In addition, the company also announced the sale of a portion of its shares in T-Mobile for $9.17 billion (917 million).
“We want to provide a huge investment opportunity for investors while maintaining financial strength,” SoftBank Chief Financial Officer (CFO) Yoshimitsu Goto said in a presentation to investors.
He said the sale of all shares in Nvidia and a portion of its shares in T-Mobile was part of SoftBank’s asset monetization strategy.
Nvidia share price decline
Nvidia shares lost two percent on Tuesday, the day of SoftBank’s announcement.
A person familiar with SoftBank’s plans told CNBC that the proceeds from the sale of all of its Nvidia shares and a portion of its T-Mobile shares will be used to invest $22.5 billion in OpenAI.
