<p>作者：朱爾斯·裏默</p>
<p>軟銀的債權人似乎不願意以其在 OpenAI 的持股作為貸款抵押。</p>
<p>軟銀集團董事長兼首席執行官日本人孫正義</p>
<p>在 2026 年開局強勁後，日本最大的股票在市值方面直到上週突然逆轉了走勢。</p>
<p>在過去五個交易日中，軟銀的股價下跌超過五分之一，因其融資困難的猜測與整體 AI 相關科技股的表現不佳相吻合。</p>
<p>僅在週二，軟銀（JP:9984）在東京一度暴跌超過 11%，隨後略有回升，最終收盤下跌 8.3%。這一跌幅似乎是受到彭博社報道的影響，報道稱軟銀在籌集 100 億美元貸款時遇到了問題，該貸款以其在 OpenAI 的 13% 股份作為抵押。軟銀未對此請求作出回應。</p>
<p>考慮到 OpenAI 最近一輪融資在 3 月份時將公司估值定為 8520 億美元，軟銀的股份估計約為 1100 億美元。</p>
<p>問題的一部分可能源於對 OpenAI 上市的擔憂。該公司已秘密申請 IPO，《華爾街日報》報道稱，它已聘請摩根士丹利和高盛作為潛在上市的顧問，計劃在 9 月份進行上市。這將完成今年三大巨頭的上市，SpaceX 將在本週五上市，Anthropic 上週也宣佈了其上市意圖。</p>
<p>上週，美國媒體報道了 OpenAI 首席執行官山姆·阿爾特曼與白宮討論政府可能入股的消息，這進一步表明 OpenAI 可能急於尋找新的資金來源。</p>
<p>在 2026 年早些時候，市場上曾傳出一些軟銀內部人士質疑其首席執行官對 OpenAI 堅定不移的承諾是否明智。軟銀的首席執行官兼創始人孫正義顯然對這些擔憂非常不以為然。這種討論大致與媒體報道 OpenAI 在內部收入和用户增長目標上遇到困難的文章同時出現。</p>
<p>貸款方可能還擔心軟銀在宣佈未來五年在法國投資 450 億歐元用於 AI 基礎設施和數據中心後的其他支出承諾。</p>
<p>儘管最近股價下跌，軟銀的股票在 2026 年仍顯示出健康的 46% 的回報，而在過去 12 個月中更是令人印象深刻的 219%。雖然 OpenAI 的融資目前引發了頭條新聞，但推動軟銀股價上漲的更重要因素是其在 Arm Holdings 的 90% 股份的巨大增值。</p>
<p>在美國上市的 Arm Holdings（ARM）是一家半導體和軟件設計公司，其股價在 2026 年翻了三倍，直到上週開始的修正。軟銀的持股價值超過 4000 億美元。</p>
<p>-朱爾斯·裏默</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>06-10-26 0539ET</p>

軟銀

2 倍做多 ARM ETF - Leverage Shares

2 倍做多 ARM ETF - T-Rex

ARMW

<p>軟銀的股價在五個交易日內下跌超過 20%，原因是有報道稱債權人不願意以其在 OpenAI 的股份作為抵押借出 100 億美元。人們的擔憂包括 OpenAI 潛在的 IPO 動態以及軟銀的高額支出承諾。儘管股價下跌，軟銀今年迄今仍上漲 46%，主要得益於其在 Arm Holdings 股份的增值</p>

<p>By Jules Rimmer</p>
<div class="lb-trans"><p>作者：朱爾斯·裏默</p>
</div><p>SoftBank's creditors appear reluctant to lend against its holdings in OpenAI.</p>
<div class="lb-trans"><p>軟銀的債權人似乎不願意以其在 OpenAI 的持股作為貸款抵押。</p>
</div><p>SoftBank group Chairman and CEO Japanese Masayoshi Son</p>
<div class="lb-trans"><p>軟銀集團董事長兼首席執行官日本人孫正義</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 年開局強勁後，日本最大的股票在市值方面直到上週突然逆轉了走勢。</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>在過去五個交易日中，軟銀的股價下跌超過五分之一，因其融資困難的猜測與整體 AI 相關科技股的表現不佳相吻合。</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>僅在週二，軟銀（JP:9984）在東京一度暴跌超過 11%，隨後略有回升，最終收盤下跌 8.3%。這一跌幅似乎是受到彭博社報道的影響，報道稱軟銀在籌集 100 億美元貸款時遇到了問題，該貸款以其在 OpenAI 的 13% 股份作為抵押。軟銀未對此請求作出回應。</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>考慮到 OpenAI 最近一輪融資在 3 月份時將公司估值定為 8520 億美元，軟銀的股份估計約為 1100 億美元。</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>問題的一部分可能源於對 OpenAI 上市的擔憂。該公司已秘密申請 IPO，《華爾街日報》報道稱，它已聘請摩根士丹利和高盛作為潛在上市的顧問，計劃在 9 月份進行上市。這將完成今年三大巨頭的上市，SpaceX 將在本週五上市，Anthropic 上週也宣佈了其上市意圖。</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>上週，美國媒體報道了 OpenAI 首席執行官山姆·阿爾特曼與白宮討論政府可能入股的消息，這進一步表明 OpenAI 可能急於尋找新的資金來源。</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 年早些時候，市場上曾傳出一些軟銀內部人士質疑其首席執行官對 OpenAI 堅定不移的承諾是否明智。軟銀的首席執行官兼創始人孫正義顯然對這些擔憂非常不以為然。這種討論大致與媒體報道 OpenAI 在內部收入和用户增長目標上遇到困難的文章同時出現。</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>貸款方可能還擔心軟銀在宣佈未來五年在法國投資 450 億歐元用於 AI 基礎設施和數據中心後的其他支出承諾。</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>儘管最近股價下跌，軟銀的股票在 2026 年仍顯示出健康的 46% 的回報，而在過去 12 個月中更是令人印象深刻的 219%。雖然 OpenAI 的融資目前引發了頭條新聞，但推動軟銀股價上漲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>在美國上市的 Arm Holdings（ARM）是一家半導體和軟件設計公司，其股價在 2026 年翻了三倍，直到上週開始的修正。軟銀的持股價值超過 4000 億美元。</p>
</div><p>-Jules Rimmer</p>
<div class="lb-trans"><p>-朱爾斯·裏默</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</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

- 軟銀股價在過去五個交易日內下跌超過五分之一。  
- 貸款遇阻、OpenAI 上市問題及其他投資承諾令投資者擔憂。  
- 儘管下跌，軟銀 2026 年股價仍有 46% 的漲幅。

Dow Jones

Roundhill ARM WeeklyPay ETF

軟銀(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

以下是軟銀股份在上週下跌 20% 的原因，軟銀已不再是日本最有價值的公司