<p>作者：朱尔斯·里默</p>
<p>软银的债权人似乎不愿意以其在 OpenAI 的持股作为贷款抵押。</p>
<p>软银集团董事长兼首席执行官日本人孙正义</p>
<p>在 2026 年开局强劲后，日本最大的股票在市值方面直到上周突然逆转了走势。</p>
<p>在过去五个交易日中，软银的股价下跌超过五分之一，因其融资困难的猜测与整体 AI 相关科技股的表现不佳相吻合。</p>
<p>仅在周二，软银（JP:9984）在东京一度暴跌超过 11%，随后略有回升，最终收盘下跌 8.3%。这一跌幅似乎是受到彭博社报道的影响，报道称软银在筹集 100 亿美元贷款时遇到了问题，该贷款以其在 OpenAI 的 13% 股份作为抵押。软银未对此请求作出回应。</p>
<p>考虑到 OpenAI 最近一轮融资在 3 月份时将公司估值定为 8520 亿美元，软银的股份估计约为 1100 亿美元。</p>
<p>问题的一部分可能源于对 OpenAI 上市的担忧。该公司已秘密申请 IPO，《华尔街日报》报道称，它已聘请摩根士丹利和高盛作为潜在上市的顾问，计划在 9 月份进行上市。这将完成今年三大巨头的上市，SpaceX 将在本周五上市，Anthropic 上周也宣布了其上市意图。</p>
<p>上周，美国媒体报道了 OpenAI 首席执行官山姆·阿尔特曼与白宫讨论政府可能入股的消息，这进一步表明 OpenAI 可能急于寻找新的资金来源。</p>
<p>在 2026 年早些时候，市场上曾传出一些软银内部人士质疑其首席执行官对 OpenAI 坚定不移的承诺是否明智。软银的首席执行官兼创始人孙正义显然对这些担忧非常不以为然。这种讨论大致与媒体报道 OpenAI 在内部收入和用户增长目标上遇到困难的文章同时出现。</p>
<p>贷款方可能还担心软银在宣布未来五年在法国投资 450 亿欧元用于 AI 基础设施和数据中心后的其他支出承诺。</p>
<p>尽管最近股价下跌，软银的股票在 2026 年仍显示出健康的 46% 的回报，而在过去 12 个月中更是令人印象深刻的 219%。虽然 OpenAI 的融资目前引发了头条新闻，但推动软银股价上涨的更重要因素是其在 Arm Holdings 的 90% 股份的巨大增值。</p>
<p>在美国上市的 Arm Holdings（ARM）是一家半导体和软件设计公司，其股价在 2026 年翻了三倍，直到上周开始的修正。软银的持股价值超过 4000 亿美元。</p>
<p>-朱尔斯·里默</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>06-10-26 0539ET</p>

软银

2 倍做多 ARM ETF - Leverage Shares

2 倍做多 ARM ETF - T-Rex

ARMW

<p>软银的股价在五个交易日内下跌超过 20%，原因是有报道称债权人不愿意以其在 OpenAI 的股份作为抵押借出 100 亿美元。人们的担忧包括 OpenAI 潜在的 IPO 动态以及软银的高额支出承诺。尽管股价下跌，软银今年迄今仍上涨 46%，主要得益于其在 Arm Holdings 股份的增值</p>

<p>By Jules Rimmer</p>
<div class="lb-trans"><p>作者：朱尔斯·里默</p>
</div><p>SoftBank's creditors appear reluctant to lend against its holdings in OpenAI.</p>
<div class="lb-trans"><p>软银的债权人似乎不愿意以其在 OpenAI 的持股作为贷款抵押。</p>
</div><p>SoftBank group Chairman and CEO Japanese Masayoshi Son</p>
<div class="lb-trans"><p>软银集团董事长兼首席执行官日本人孙正义</p>
</div><p>After an emphatically bullish start to 2026, Japan's largest stock by market capitalization until last week has suddenly reversed course.</p>
<div class="lb-trans"><p>在 2026 年开局强劲后，日本最大的股票在市值方面直到上周突然逆转了走势。</p>
</div><p>SoftBank shares have declined by more than a fifth in the last five trading sessions as speculation about its difficulty in raising a loan coincides with some stuttering in the overall narrative forAI-related technology stocks.</p>
<div class="lb-trans"><p>在过去五个交易日中，软银的股价下跌超过五分之一，因其融资困难的猜测与整体 AI 相关科技股的表现不佳相吻合。</p>
</div><p>Tuesday alone, SoftBank (JP:9984) plummeted more than 11% at one stage in Tokyo, before recovering slightly to close down 8.3%. The fall appeared to be triggered by a Bloomberg report that SoftBank was running into problems trying to raise a $10 billion loan, collateralized by its 13% stake in OpenAI. SoftBank didn't respond to a request for comment.</p>
<div class="lb-trans"><p>仅在周二，软银（JP:9984）在东京一度暴跌超过 11%，随后略有回升，最终收盘下跌 8.3%。这一跌幅似乎是受到彭博社报道的影响，报道称软银在筹集 100 亿美元贷款时遇到了问题，该贷款以其在 OpenAI 的 13% 股份作为抵押。软银未对此请求作出回应。</p>
</div><p>Given OpenAI's most recent funding round in March valued the company at $852 billion, SoftBank's stake has been estimated around $110 billion.</p>
<div class="lb-trans"><p>考虑到 OpenAI 最近一轮融资在 3 月份时将公司估值定为 8520 亿美元，软银的股份估计约为 1100 亿美元。</p>
</div><p>Part of the problem may derive from concerns about the listing of OpenAI. The company has filed confidentially filed for an IPO and the Wall Street Journal reported that it had engaged Morgan Stanley and Goldman Sachs to advise on a potential listing in September. This would complete a trifecta of giant flotations this year with SpaceX launching this Friday and Anthropic also announcing its intention to go public last week.</p>
<div class="lb-trans"><p>问题的一部分可能源于对 OpenAI 上市的担忧。该公司已秘密申请 IPO，《华尔街日报》报道称，它已聘请摩根士丹利和高盛作为潜在上市的顾问，计划在 9 月份进行上市。这将完成今年三大巨头的上市，SpaceX 将在本周五上市，Anthropic 上周也宣布了其上市意图。</p>
</div><p>Further evidence that OpenAI might be eager to identify new sources of funding was provided last week when U.S. media carried stories that its chief executive, Sam Altman, was in discussions with the White House about the government potentially taking a stake.</p>
<div class="lb-trans"><p>上周，美国媒体报道了 OpenAI 首席执行官山姆·阿尔特曼与白宫讨论政府可能入股的消息，这进一步表明 OpenAI 可能急于寻找新的资金来源。</p>
</div><p>Earlier in 2026 there was talk in the markets to the effect that some SoftBank insiders were questioning the wisdom of its chief executive's unwavering commitment to OpenAI. SoftBank's CEO and founder, Masayoshi Son, was apparently very dismissive of the concerns. This chatter coincided roughly with articles appearing in the press reporting that OpenAI was struggling to hit internal revenue and user growth targets.</p>
<div class="lb-trans"><p>在 2026 年早些时候，市场上曾传出一些软银内部人士质疑其首席执行官对 OpenAI 坚定不移的承诺是否明智。软银的首席执行官兼创始人孙正义显然对这些担忧非常不以为然。这种讨论大致与媒体报道 OpenAI 在内部收入和用户增长目标上遇到困难的文章同时出现。</p>
</div><p>Lenders may also be worried about some of SoftBank's other spending commitments after its ambitious proposal to invest EUR45 billion over the next five years in AI infrastructure and datacenters in France was announced a fortnight ago.</p>
<div class="lb-trans"><p>贷款方可能还担心软银在宣布未来五年在法国投资 450 亿欧元用于 AI 基础设施和数据中心后的其他支出承诺。</p>
</div><p>Despite the recent share price falls, SoftBank's shares are still showing a healthy 46% return in 2026 and in the last twelve months an even more impressive 219%. While the OpenAI funding may be generating the headlines at present, a more important driver of SoftBank's shares this year has been the huge appreciation of its 90% stake in Arm Holdings.</p>
<div class="lb-trans"><p>尽管最近股价下跌，软银的股票在 2026 年仍显示出健康的 46% 的回报，而在过去 12 个月中更是令人印象深刻的 219%。虽然 OpenAI 的融资目前引发了头条新闻，但推动软银股价上涨的更重要因素是其在 Arm Holdings 的 90% 股份的巨大增值。</p>
</div><p>U.S.-listed Arm Holdings (ARM), a semiconductor and software design company, has seen its shares triple in 2026 and until its correction that also began last week. SoftBank's holding was worth more than $400 billion.</p>
<div class="lb-trans"><p>在美国上市的 Arm Holdings（ARM）是一家半导体和软件设计公司，其股价在 2026 年翻了三倍，直到上周开始的修正。软银的持股价值超过 4000 亿美元。</p>
</div><p>-Jules Rimmer</p>
<div class="lb-trans"><p>-朱尔斯·里默</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>06-10-26 0539ET</p>
<div class="lb-trans"><p>06-10-26 0539ET</p>
</div>

Here's why shares in SoftBank, no longer Japan's most valuable, have fallen by a fifth in the last week

- 软银股价在过去五个交易日内下跌超过五分之一。  
- 贷款遇阻、OpenAI 上市问题及其他投资承诺令投资者担忧。  
- 尽管下跌，软银 2026 年股价仍有 46% 的涨幅。

Dow Jones

Roundhill ARM WeeklyPay ETF

软银(ADR)

OpenAI

摩根士丹利

高盛

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

GS Hldg R

以下是软银股份在上周下跌 20% 的原因，软银已不再是日本最有价值的公司