事實盒：軟銀加碼布局AI與半導體資產

作者：安東・布里奇（Anton Bridge）By Anton Bridge

東京，9月24日（路透社）——軟銀集團（SoftBank Group）已透過全球有紀錄以來規模最大的高收益公司債發行籌資111億美元，用以支應其對OpenAI及其他人工智慧相關公司與基礎設施的投資。TOKYO, Sept 24 (Reuters) - SoftBank Group has raised $11.1 billion in the largest high-yield corporate bond sale globally on record to fund its investments in OpenAI and other artificial intelligence-related companies and infrastructure.

創辦人兼執行長孫正義（Masayoshi Son）目標是透過在半導體供應鏈、資料中心、大型語言模型開發和機器人領域的投資，將軟銀打造為全球領先的AI平台。Founder and Chief Executive Masayoshi Son is aiming to establish SoftBank as the world's leading AI platform with investments across the semiconductor supply chain, data centres, large language model development and robotics.

以下是軟銀迄今公布的主要AI投資。Below are major AI investments that SoftBank has unveiled so far.

OPENAIOPENAI

軟銀於2024年首度投資這家ChatGPT開發商，金額為5億美元，但很快便提高持股，2025年再投入約300億美元，並承諾2026年進一步投資300億美元；其中最後一筆資金預計下週完成交割。這些投資將使軟銀持有OpenAI約13%股權。孫正義2025年表示，他對該公司「全力押注」。SoftBank first invested $500 million in the ChatGPT maker in 2024 but soon increased its stake, putting in around $30 billion more in 2025 and committing to a further $30 billion in 2026, the final tranche of which is due to close next week. The investments will bring SoftBank's holding to around 13% of OpenAI's equity. In 2025 Son said he was "all in" on the firm.

截至6月底，OpenAI在私募募資輪中的估值上升，已為軟銀帶來450億美元未實現收益；不過，OpenAI已延後公開上市計畫，使軟銀實現獲利的前景受阻，也延後了OpenAI接受公開市場檢驗的時程。As of the end of June, OpenAI's rising valuation in private fundraising rounds had generated $45 billion in unrealised gains for SoftBank, though it has delayed plans for a public listing, holding up SoftBank's prospects of realising its gains and testing OpenAI in the public markets.

DIGITALBRIDGEDIGITALBRIDGE

軟銀表示，將在2025年12月收購數位基礎設施投資公司DigitalBridge，交易估值為40億美元。該公司投資資料中心、基地台、光纖網路、小型基地台系統和邊緣基礎設施等數位基礎設施領域，也是星際之門資料中心開發計畫的投資方之一。SoftBank said it would acquire digital infrastructure investor DigitalBridge in December 2025 in a deal valued at $4 billion. The firm invests in digital infrastructure sectors like data centres, cell towers, fibre networks, small-cell systems and edge infrastructure and is among the investors in the Stargate data centre development scheme.

ABB機器人事業ABB'S ROBOTICS BUSINESS

2025年10月，軟銀同意以54億美元收購瑞士工程集團ABB的機器人事業。孫正義一直將機器人視為長期成長前景，並於今年稍早聘請銀行，研究分拆其自動化機器人持股的可能性；軟銀稱該事業為Roze。In October 2025, SoftBank agreed to acquire the robotics business of Swiss engineering group ABB in a $5.4 billion deal. Son has touted robotics as a long-term growth prospect and earlier this year hired banks to explore the spinoff of its holdings in autonomous robotics which it calls Roze.

英特爾INTEL

8月18日，軟銀公布對英特爾（Intel）進行20億美元股權投資，並表示這項交易反映其相信晶片製造與供應將在美國進一步擴張，且這家美國公司將扮演關鍵角色。On August 18, SoftBank unveiled a $2 billion equity investment in Intel, saying the deal reflected its belief that chip manufacturing and supply would expand further in the US - and that the American company would play a critical role.

由於英特爾股價在截至今年6月的3個月內大漲，這筆持股產生1.33兆日圓（83.9億美元）的估值收益。The holding generated a valuation gain of 1.33 trillion yen ($8.39 billion) as Intel's shares surged in the three months that ended June this year.

星際之門STARGATE

星際之門（Stargate）是軟銀、OpenAI與甲骨文（Oracle）的合資事業。美國總統川普（Donald Trump）於2025年1月公布這項計畫，表示這些公司將在4年內投資最高5,000億美元。Stargate is a joint venture between SoftBank, OpenAI and Oracle. US President Donald Trump unveiled the project in January 2025, saying that the companies would invest up to $500 billion over four years.

2025年8月，軟銀財務長後藤芳光（Yoshimitsu Goto）表示，這項由軟銀主導融資的計畫，因與其他各方的談判和場址決策時間比預期更長而延宕。In August 2025, SoftBank Chief Financial Officer Yoshimitsu Goto said the project, for which SoftBank is leading financing, had been delayed by longer-than-expected negotiations with other parties and decisions on sites.

作為這項倡議的一部分，軟銀與OpenAI今年1月各自向軟銀的資料中心開發子公司SB Energy投資5億美元；SB Energy將在德州興建並營運一座1.2吉瓦的OpenAI資料中心。As part of the initiative, in January SoftBank and OpenAI each invested $500 million in SB Energy, SoftBank's data centre development subsidiary, which is set to build and operate a 1.2-gigawatt OpenAI data center in Texas.

PERPLEXITY AIPERPLEXITY AI

這家成立4年的新創公司營運一款AI搜尋引擎，投資人包括輝達（Nvidia）與軟銀。《The Information》8月報導稱，輝達正計畫以超過300億美元的估值進行新一輪募資。The 4-year-old startup that operates an AI-powered search engine has had backing from investors including Nvidia and SoftBank. A report in The Information in August said Nvidia was planning a further funding round at a more than $30 billion valuation.

AMPERE COMPUTINGAMPERE COMPUTING

軟銀3月宣布一項65億美元交易，收購由英特爾前總裁創立的美國晶片設計新創公司Ampere Computing。SoftBank announced a $6.5 billion deal in March to acquire Ampere Computing, a US chip designer startup founded by the former president of Intel.

Ampere生產資料中心中央處理器晶片，採用軟銀持有多數股權的安謀控股（Arm Holdings）運算架構，甲骨文等公司將這類晶片用於其雲端運算基礎設施。Ampere makes data centre central processing unit chips based on computing architecture from SoftBank's majority-owned Arm Holdings that are used by firms like Oracle in their cloud computing infrastructure.

GRAPHCOREGRAPHCORE

2024年，軟銀以未揭露金額收購英國AI晶片製造商Graphcore。In 2024, SoftBank bought the British AI chipmaker for an undisclosed sum.

Graphcore一度被譽為輝達的競爭對手，但一直難以取得所需投資來參與競爭。Once touted as a rival to Nvidia, Graphcore had struggled to secure the investment needed to compete.

安謀控股ARM HOLDINGS

軟銀旗下英國晶片設計公司安謀控股於2023年上市，估值達545億美元。The British chip designer owned by SoftBank went public in 2023, securing a valuation of $54.5 billion.

軟銀仍持有該公司多數股權；隨著半導體供應鏈整體熱潮擴大，軟銀這筆持股的價值也大幅上升，2026年8月價值達36.8兆日圓（2,324.1億美元）。SoftBank still owns the majority of the company and its stake has surged in value along with a wider boom across the semiconductor supply chain, with the stake worth 36.8 trillion yen ($232.41 billion) in August 2026.

採用Arm架構的裝置幾乎驅動全球每一支智慧型手機，而以其智慧財產為基礎的伺服器晶片，也已在資料中心市場取得顯著進展。Arm-based devices power nearly every smartphone in the world and server chips based on its intellectual property have made significant inroads in the data centre market.

今年3月，Arm公布一款新的AI資料中心晶片，並表示這代表其策略出現轉變；在此之前，Arm的營收僅仰賴智慧財產，透過將設計授權給晶片製造商，並按售出的晶片收取權利金。In March, Arm unveiled a new AI data center chip, which it said represented a change in its strategy as until then it had relied only on intellectual property for revenue, licensing its designs to chipmakers and receiving a royalty payment on chips sold.

輝達NVIDIA

軟銀曾持有輝達約5%股權，直到2019年出售持股；當時尚未出現ChatGPT於2022年底帶動AI關注度大增的情況。SoftBank owned around 5% of Nvidia until it sold its stake in 2019, before ChatGPT generated a surge in AI interest at the end of 2022.

軟銀後來再次建立持股部位，但最終在2025年下半年出售其價值58.3億美元的持股。It subsequently built up a position again but ultimately sold its $5.83 billion stake in the second half of 2025.

（1美元 = 158.4600日圓）($1 = 158.4600 yen)

（安東・布里奇報導；Thomas Derpinghaus編輯）(Reporting by Anton Bridge; Editing by Thomas Derpinghaus)