SoftBank Executes Major Portfolio Shift, Exits Nvidia for AI and Energy Bets

SoftBank JP3436100006

SoftBank Group Corp. is undertaking a dramatic strategic pivot, channeling capital from a divested stake in a leading chipmaker toward ambitious investments in artificial intelligence and U.S. energy infrastructure. The Japanese conglomerate has completely liquidated its multi-billion dollar position in Nvidia, according to recent regulatory filings, redirecting its focus and resources.

Official documents submitted to the U.S. Securities and Exchange Commission reveal a significant portfolio overhaul in the fourth quarter of 2025. SoftBank sold off its entire remaining stake in Nvidia, a holding that was valued at approximately $3.59 billion at the close of the previous quarter. The move, initially signaled in November 2025, has now been formally confirmed.

Proceeds from this liquidation are reportedly being funneled into further investments in OpenAI, the creator of ChatGPT. This shift underscores a broader realignment under CEO Masayoshi Son, emphasizing capital deployment into AI-centric ventures over more established technology holdings.

Concurrent with the Nvidia exit, SoftBank adjusted several other key positions. The firm substantially increased its investment in the online brokerage eToro, quadrupling its share count to roughly 796,000. It also established a new, significant position by acquiring 89.1 million shares in Twenty One Capital, an investment worth about $780.6 million. Offsetting these additions, SoftBank reduced its exposure to T-Mobile US, Inter & Co., and Lemonade.

Betting Big on U.S. Energy Infrastructure

In a parallel strategic development, SoftBank is making a colossal entry into American energy generation. Its subsidiary, SB Energy, is set to assume the operator role for a planned natural gas power plant project in Ohio. Reports from Bloomberg and the Financial Post, citing a U.S. Department of Commerce factsheet, indicate a planned Japanese investment of $33 billion into the venture.

The facility, to be constructed near Portsmouth, is projected to boast a capacity of 9.2 gigawatts. This output would be sufficient to power an estimated 7.4 million households within the PJM Interconnection grid, making it the largest gas-fired power plant in the United States upon completion.

This energy project forms part of a broader $550 billion Japanese investment pledge. Beyond SoftBank, companies including Toshiba and Hitachi have expressed interest, according to Japanese Trade Minister Ryosei Akazawa.

Key Data Points:
* Nvidia Divestment: Complete liquidation of stake (Q3 value: ~$3.59 billion)
* Twenty One Capital Investment: 89.1 million shares acquired (~$780.6 million)
* eToro Stake: Quadrupled to ~796,000 shares
* Ohio Power Plant: 9.2 GW capacity; $33 billion investment

A Vision-Driven Pivot

These sweeping changes reflect CEO Masayoshi Son's ongoing strategy to reposition the investment giant. The dual focus on cutting-edge AI and foundational energy infrastructure arrives at a critical juncture. Electricity demand is surging, driven largely by power-hungry data centers and broader electrification trends.

PJM Interconnection, which manages the electrical grid across 13 states from Washington D.C. to Chicago, stated it had not been formally notified of the Ohio project in advance. However, the grid operator acknowledged a general openness to new capacity initiatives given the rapidly escalating demand it faces.