SoftBank's OpenAI Concentration & Leverage

SoftBank's shares have nearly halved in four months as its $64.6 billion exposure to OpenAI raises questions about concentration risk, liquidity management, and credit quality. With more than half of its $320 billion portfolio now in illiquid, unlisted assets, the Japanese conglomerate is seeking bridge loans while facing a negative credit outlook from S&P. The selloff may signal broader concerns about AI valuations — the last time SoftBank's shares fell this sharply, in 2021, they foreshadowed a wider tech bear market.

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