Impact on stocks 3
TE Connectivity LtdCumulative investment in OpenAI is 32.7% of NAV, posing a risk to NAV and stock price if OpenAI's value drops.
Hitoshi Nakamura, CEO of Bluemo Securities, cited the collapse of OpenAI as the biggest risk in the AI bubble, and pointed to the presence of SoftBank Group as a Japan-specific risk. SoftBank Group's cumulative investment in OpenAI has reached $64.6 billion, accounting for approximately 32.7% of its NAV of 30.93 trillion yen as of the end of December 2025. If OpenAI's enterprise value drops significantly, it could have a severe impact on SoftBank Group's NAV, stock price, and creditworthiness, and since the company is a top constituent of the Nikkei 225, there are concerns about spillover to the entire Japanese stock market. Furthermore, given the index structure where Advantest and Tokyo Electron account for about 20% of the Nikkei 225, an OpenAI shock could spread to Japanese stocks through a dual channel of SoftBank weakness and semiconductor-related stock declines.
TE Connectivity LtdCumulative investment in OpenAI is 32.7% of NAV, posing a risk to NAV and stock price if OpenAI's value drops.