内容来源：https://techcrunch.com/2025/11/11/softbanks-nvidia-sale-rattles-market-raises-questions/

内容总结：

软银集团创始人孙正义近日再次做出惊人之举：其旗下公司已清空价值58亿美元的英伟达持股，将全部筹码押注于人工智能领域。这一决定虽引发市场震动，但纵观这位68岁投资巨鳄的职业生涯，如此豪赌实属常态。

孙正义的投资生涯始终与高风险相伴。在千禧年互联网泡沫巅峰时期，其个人财富曾飙升至780亿美元，短暂登顶世界首富。但随着泡沫破裂，他创下个人财富蒸发700亿美元的历史纪录，软银市值也从1800亿美元断崖式跌至25亿美元。正是这场危机催生了他最传奇的投资——2000年与马云会面六分钟后，毅然向阿里巴巴注资2000万美元。这笔投资到2020年估值已达1500亿美元，不仅助其重塑辉煌，更奠定了其在风投界的教父地位。

然而成功背后暗藏隐忧。2017年他不顾争议从沙特主权基金募资450亿美元成立愿景基金；2018年记者卡舒吉遇害案发生后，仍坚持与沙特保持合作。这些决策最终带来沉重代价：对网约车平台Uber的长期投资持续亏损，特别是对共享办公企业WeWork的过度押注——不顾团队反对痴迷于创始人诺依曼，给予470亿美元虚高估值，最终导致软银权益亏损115亿美元，债务损失22亿美元，被孙正义自称为“人生污点”。

此次清仓英伟达被视为其新一轮战略转型的关键节点。以每股181.58美元抛售3210万股，虽较历史高点仅低14%，但这已是软银第二次全面退出英伟达——2019年其以36亿美元抛售的股份，如今价值已超1500亿美元。市场对此反应剧烈，英伟达股价应声下跌3%，不过分析师强调此举不应解读为看空信号，而是软银为AI新布局筹措资金。

据披露，套现资金将用于对OpenAI的300亿美元投资计划，以及参与美国亚利桑那州万亿级AI制造中心项目。华尔街正在密切关注：这位曾创造神话与灾难的投资人，是否又一次看到了常人未见的未来？鉴于其跌宕起伏的投资履历，这个问题的答案或许只有时间能够验证。

中文翻译：

孙正义向来以孤注一掷著称。这位软银创始人的职业生涯布满惊世赌局，每次出手似乎都比前一次更为骇俗。

他最新举动是清空价值580亿美元的英伟达持仓全力押注人工智能。尽管周二这一操作震惊商界，但或许并不意外。时至今日，这位68岁的企业家若是没有将所有筹码推上牌桌，反倒更令人惊讶。

回顾上世纪90年代末互联网泡沫时期：孙正义个人财富在2000年2月飙升至约780亿美元，一度成为世界首富。但数月后互联网泡沫惨烈破灭，随着软银市值从1800亿美元暴跌98%至25亿美元，他个人损失高达700亿美元——创下当时人类历史上最大个人财务亏损。

正是在这场浩劫中，孙正义完成了最具传奇色彩的投资：2000年与马云仅会面六分钟便决定向阿里巴巴投资2000万美元。这笔持股到2020年时价值已飙升至1500亿美元，不仅使他成为风险投资界标杆人物，更为其东山再起奠定基础。

阿里巴巴的成功往往令人忽视孙正义有时在牌局中停留过久。2017年为筹建首只愿景基金，他毫不犹豫地向沙特公共投资基金募资450亿美元——这远在硅谷接受沙特资金成为常态之前。2018年记者卡舒吉遇害后，孙正义虽谴责暴行"令人发指且深表遗憾"，却坚持软银"不能背弃沙特人民"，继续管理该国资本。事实上愿景基金此后反而加快了交易节奏。

这种策略并未取得理想成效。对优步的巨额投资常年呈现账面亏损，而共享办公企业WeWork更是典型败笔。孙正义不顾下属反对，对创始人诺依曼"一见倾心"，在前期多次投资后于2019年初给出470亿美元的惊人估值。但WeWork提交问题重重的S-1文件导致IPO计划流产，即便罢免诺依曼并实施紧缩措施也未能扭转颓势，最终造成软银115亿美元股权损失及22亿美元债务（据传孙正义后来称此事"成为人生污点"）。

数年来孙正义一直在筹划新一轮复出，周二无疑将成为其翻身之路的重要节点。软银此番清仓3210万股英伟达持股并非为了分散投资，而是将筹码集中于新战场——包括对OpenAI的300亿美元承诺投资，以及参与亚利桑那州万亿美元级人工智能制造中心的计划（据称软银正寻求参与）。

若说这次清仓令孙正义心生隐痛，倒也情有可原。软银每股181.58美元的退出价格仅较英伟达历史高点212.19美元低14%，对如此巨量持仓而言已接近峰值估值。但这标志着软银第二次全面退出英伟达，而首次退出代价极其惨重（2019年以36亿美元出售价值40亿美元持股，这批股份如今价值超1500亿美元）。

此举亦引发市场震荡。截至发稿英伟达股价披露后下跌近3%，尽管分析师强调此举"不应视为对英伟达的谨慎或负面判断"，而是反映软银需为AI野心筹措资金。

华尔街不禁揣测：孙正义是否窥见了众人未察的玄机？从其过往战绩看或许如此——而这种不确定性正是投资者不得不面对的博弈。

英文来源：

Masayoshi Son isn’t known for half measures. The SoftBank founder’s career has been studded with eyebrow-raising bets, each one seemingly more outrageous than the last.
His latest move is to cash out his entire $5.8 billion Nvidia stake to go all-in on AI. And while it surprised the business world on Tuesday, it maybe should not. At this point, it’s almost more surprising when the 68-year-old Son doesn’t push his chips to the center of the table.
Consider that during the late 1990s dot-com bubble, Son’s net worth soared to about $78 billion by February 2000, briefly making him the richest person in the world. Then came the ugly dot-com implosion months later. He lost $70 billion personally – which, at the time, was the largest financial loss by any individual in history — as SoftBank’s market cap plummeted 98% from $180 billion to just $2.5 billion.
Amid that terribleness, Son made what would become his most legendary bet: a $20 million investment in Alibaba in 2000, one decided (the story goes) after just a six-minute meeting with Jack Ma. That stake would eventually grow to be worth $150 billion by 2020, transforming him into one of the venture industry’s most celebrated figures and funding his comeback.
That Alibaba success has often made it harder to see when Son has stayed too long at the table. When Son needed capital to launch his first Vision Fund in 2017, he didn’t hesitate to seek $45 billion from Saudi Arabia’s Public Investment Fund – long before taking Saudi money became acceptable in Silicon Valley.
After journalist Jamal Khashoggi was murdered in October 2018, Son condemned the killing as “horrific and deeply regrettable” but insisted SoftBank couldn’t “turn our backs on the Saudi people,” maintaining the firm’s commitment to managing the kingdom’s capital. In fact, the Vision Fund actually ramped up dealmaking soon after.
That didn’t turn out so well.
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A big bet on Uber generated paper losses for years. Then came WeWork. Son overrode his lieutenants’ objections, fell “in love” with founder Adam Neumann, and assigned the co-working company a dizzying valuation of $47 billion in early 2019 after making several previous investments in the company. But WeWork’s IPO plans collapsed after it published a famously troubling S-1 filing. The company never quite recovered – even after pushing out Neumann and instituting a series of belt-tightening measures – ultimately costing SoftBank $11.5 billion in equity losses and another $2.2 billion in debt. (Son reportedly later called it “a stain on my life.”)
Son has been mounting another comeback for years, and Tuesday will undoubtedly be remembered as an important moment in his turnaround tale. Indeed, it will likely be recalled as the day SoftBank revealed it had sold all 32.1 million of its Nvidia shares – not to diversify its bets but instead to double down elsewhere, including on a planned $30 billion commitment to OpenAI and to participate (it reportedly hopes) in a $1 trillion AI manufacturing hub in Arizona.
If selling that position still gives Son some heartburn, that’s understandable. At about $181.58 per share, SoftBank exited just 14% below Nvidia’s all-time high of $212.19, which is a strong look. That’s remarkably close to peak valuation for such a huge position. Still, the move marks SoftBank’s second complete exit from Nvidia, and the first one was exceedingly costly. (In 2019, SoftBank sold a $4 billion stake in the company for $3.6 billion, shares that would now be worth more than $150 billion.)
The move also rattled the market. As of this writing, Nvidia shares are down nearly 3% following the disclosure, even as analysts emphasize that the sale “should not be seen as a cautious or negative stance on Nvidia,” but rather reflects SoftBank needing capital for its AI ambitions.
Wall Street can’t help but wonder: does Son see something right now that others do not? Judging by his track record, maybe — and that ambiguity is all investors have to go on.