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TECHNOLOGY ARTIFICIAL INTELLIGENCE
SoBank CEO’s Bad Bets Le Him in Despair.
An AI Spree Has Him Back on Top.
软银 CEO 因投资失误⼀度陷⼊绝
望，如今凭借在⼈⼯智能领域的豪
赌重返巅峰。
In an interview, Masayoshi Son shrugged off an AI bubble and said a
correction would be a good moment to invest. The time has come to ‘aim for
much bigger fish.’
在⼀次采访中，孙正义对⼈⼯智能泡沫不以为然，并表示市场回调将是投资
的好时机。现在正是“瞄准更⼤⽬标”的时候。
By Eliot Brown Follow , Kate Clark Follow and Sam Schechner
作者：埃利奥特·布朗、凯特·克拉克和萨姆·谢克纳 Follow
June 3, 2026 8:00 pm ET
若有侵权，请联系删除。公众号：趣享财经
SoftBank CEO Masayoshi Son in Paris this week. LUDOVIC MARIN/AFP/GETTY IMAGES
软银⾸席执⾏官孙正义本周在巴黎。Ludovic Marin/AFP/Getty Images
PARIS—Billionaire tech investor Masayoshi Son was in despair three years
ago—his reputation stained by bad startup bets and his company’s stock
price cut in half. He told his investors he cried.
巴黎——三年前，科技界亿万富翁投资者孙正义曾陷⼊绝望——因对初创企业
的投资失利⽽声誉受损，其公司股价也腰斩。他告诉投资者，⾃⼰当时哭
了。
Fast forward to Monday, when Son strode out of a black Mercedes at the
Élysée Palace to be fêted by Emmanuel Macron—the fourth world leader to
publicly host him in the past two years.
快进到本周⼀，孙⼤卫从⼀辆⿊⾊奔驰车中⼤步⾛出，来到爱丽舍宫，受到
埃马纽埃尔·马克龙的盛情款待——马克龙是过去两年中第四位公开接待他的
世界领导⼈。
Under ornate glass chandeliers, he boasted to cameras that his Tokyo-
based technology conglomerate would unleash at least $52 billion of
investment in French data centers, part of his global AI spending spree.
在华丽的玻璃吊灯下，他对着镜头夸⼜称，其总部位于东京的科技集团将在
法国数据中⼼投⼊⾄少 520 亿美元，这是他全球⼈⼯智能投资狂潮的⼀部
分。
The time has come to “aim for much bigger fish,” Son said in an interview
at the Ritz Paris after meeting Macron. A phalanx of Son’s aides sat nearby.
“I want to be an architect for the future of mankind.”
在与马克龙会⾯后，孙正义于巴黎丽兹酒店接受采访时表⽰：“现在是时候‘瞄
准更⼤的⽬标’了。”孙正义的⼀众助⼿就坐在附近。“我想成为⼈类未来的建
筑师。”
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His company, SoftBank Group , on Monday became Japan’s
most valuable, ending Toyota’s 23-year reign. Son is the country’s richest
man—his SoftBank stock is worth around $100 billion, more than four
times as much as a year ago.
他旗下的软银集团（%）周⼀成为⽇本市值最⾼的上市公司，终结
了丰⽥长达 23 年的霸主地位。孙正义是⽇本⾸富——他持有的软银股票市值
约为 1000 亿美元，是去年同期的四倍多。
The times of plenty are owed largely to Son’s decision to bet the SoftBank
farm on artificial intelligence, shifting the company from a hodgepodge of
startups, telecom and e-commerce to a leading investor in the searing-hot
sector.
这段繁荣时期，很⼤程度上要归功于孙正义的决定——他押上了软银的全部家
当押注⼈⼯智能，使公司从⼀家涵盖初创企业、电信和电⼦商务的杂烩式企
业，转型为该⽕热领域的领军投资者。
Son said he would unleash at least $52 billion of investment in French data centers. LUDOVIC MARIN/
PRESS POOL
孙正义表示，他将向法国数据中⼼投⼊⾄少 520 亿美元。卢多维克·⻢林/新闻图⽚
社
9984 %
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SoftBank’s reach spans a $64 billion investment in OpenAI, plans for a
massive fleet of data centers, robotics and its chip company Arm that has
surged in valuation after an AI pivot.
软银的业务版图涵盖对 OpenAI 的 640 亿美元投资、⼤规模数据中⼼建设计
划、机器⼈技术，以及其旗下芯⽚公司 Arm——后者在转向⼈⼯智能领域后
估值⼤幅飙升。
Helping fuel the company’s transition: a heavy dose of sophisticated
financial engineering and circular transactions that have boosted
SoftBank’s spending power and share price. SoftBank is both one of the
biggest investors in OpenAI and Arm—as well as one of the biggest
customers of both companies.
推动公司转型的重要因素：⼤量复杂的⾦融⼯程⼿段和循环交易，这些举措
提升了软银的资⾦实⼒和股价。软银既是 OpenAI 和 Arm 的最⼤投资者之
⼀，也是这两家公司的最⼤客户之⼀。
SoftBank would be highly exposed if the AI frenzy falters.
如果⼈⼯智能热潮降温，软银将⾯临巨⼤风险。
Seated in a gilded salon before he met with Macron again at a conference in
Versailles, Son acknowledged that a downturn in the AI market on the
order of the dot-com bust “can happen any time.”
在凡尔赛宫的⼀场会议上再次与马克龙会⾯之前，孙正义坐在⼀间镀⾦⼤厅
⾥，承认⼈⼯智能市场可能出现类似互联⽹泡沫破裂那样的衰退，“这种情况
随时都可能发⽣”。
Speaking in fervent tones, he declared that “half-good guys will be all gone.
Half believers will be all gone.” He added: “True believers and true value
creators survive.”
他语⽓激昂地宣称：“半吊⼦的好⼈都会被淘汰。半信半疑的⼈都会被淘
汰。”他补充道：“唯有真正的信徒和真正的价值创造者才能⽣存下来。”
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Like the internet, Son said he believes the AI revolution will only grow long
term.
孙正义表⽰，就像互联⽹⼀样，他相信⼈⼯智能⾰命在长期来看只会不断发
展壮⼤。
“Therefore, we don’t call it a bubble,” said Son. “It’s called evolution. Once
evolution happens, it never goes back.”
“因此，我们不称其为泡沫，”孙说，“这叫作演变。⼀旦演变发⽣，便再也⽆
法逆转。”
Son enjoys his fortune from a newly built beaux-arts megamansion that
aides compare to Versailles. It contains its own 18-hole golf course and
statues of figures including Marcus Aurelius. A fan of Napoleon, Son shows
off art featuring the French emperor to guests.
孙某在⾃⼰新建的⼀座被助⼿们⽐作凡尔赛宫的贝叶斯风格巨宅中享受着财
富带来的乐趣。这座豪宅内设有⼀座 18 洞⾼尔夫球场，并陈列着包括马可·奥
勒留等⼈物的雕像。作为拿破仑的粉丝，孙某常向宾客展⽰以这位法国皇帝
为主题的艺术品。
Son founded SoftBank in 1981. THE ASAHI SHIMBUN/GETTY IMAGES
孙正义于 1981 年创⽴了软银。《朝⽇新闻》/盖蒂图⽚社
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Born in Japan to Korean parents and educated at the University of
California, Berkeley, the techno-optimist has been a leading figure in
booms and busts for three decades—with his wealth and reputation
whipsawing up and down with the cycles.
这位技术乐观主义者出⽣于⽇本，⽗母是韩国⼈，曾在加州⼤学伯克利分校
求学。三⼗年来，他始终是经济繁荣与萧条时期的核⼼⼈物——他的财富和声
誉也随着经济周期的起伏⽽跌宕起伏。
His style is eccentric. He has told startup founders they needed to spend
more money, minutes into an initial meeting. Eschewing staid quarterly
earnings presentations, he used to deliver zany slideshows that
proclaimed the information revolution would bring “happiness for
everyone.” In the pandemic, a slide portrayed surviving startups as winged
unicorns escaping a gulch—the “Valley of Coronavirus.”
他的风格颇为特⽴独⾏。在初次会⾯仅⼏分钟后，他就曾告诉初创公司创始
⼈，他们需要加⼤投⼊。他摒弃了⽼套的季度财报发布会，⽽是惯于展⽰古
怪的幻灯⽚，宣称信息⾰命将给“所有⼈带来幸福”。在疫情期间，其中⼀张
幻灯⽚将幸存的初创公司描绘成长着翅膀的独⾓兽，正从名为“新冠病毒⾕”
的深⾕中逃离。
Son founded SoftBank in 1981, and through much of its history it has
largely been a collection of tech investments. His first big breakout came in
the dot-com boom, when internet investments made him the world’s
richest man for just three days—in his words—before the bubble burst and
wiped out 99% of SoftBank’s value.
孙正义于 1981 年创⽴软银，在公司发展历程的⼤部分时间⾥，它主要是⼀家
专注于科技投资的企业。他在互联⽹泡沫时期迎来了⾸次重⼤突破，当时互
联⽹投资使他——⽤他⾃⼰的话来说——在短短三天内成为世界⾸富，但随后
泡沫破裂，导致软银 99%的市值蒸发。
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He charged back thanks to an early investment in Chinese online retailer
Alibaba and a debt-heavy purchase of Vodafone’s Japanese unit.
他之所以能东⼭再起，得益于早期对中国电商巨头阿⾥巴巴的投资，以及通
过举债收购沃达丰的⽇本业务。
To his shareholders, he invoked Yoda, saying he used gut instinct—the
force—to drive investments, including from his $100 billion Vision Fund,
the largest tech vehicle ever, launched in 2017.
他对股东们援引尤达的话说，他凭借直觉——也就是“原⼒”——来推动投资，
其中包括他于 2017 年推出的、规模达 1000 亿美元的“愿景基⾦”（Vision
Fund），这是有史以来规模最⼤的科技投资基⾦。
But Son’s gut was often wrong. Soured investments in WeWork, ride-
hailing company DiDi and companies that promised robot-made pizza and
Uber-for-dogwalking were all black eyes.
但孙正浩的直觉往往是错的。对 WeWork、⽹约车公司滴滴以及那些承诺提
供机器⼈制作披萨和“宠物遛狗版优步”服务的公司的投资均以失败告终，这
些都成了他的污点。
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By late 2022, the tech market in the doldrums, he retreated from public
appearances, and underwent a period of soul-searching.
到 2022 年底，随着科技市场陷⼊低迷，他淡出了公众视野，并经历了⼀段⾃
我反思的时期。
Son and OpenAI CEO Sam Altman. FRANCK ROBICHON/EPA/SHUTTERSTOCK
萨姆·阿尔特曼（Sam Altman）及其⼉⼦。Franck Robichon/EPA/Shutterstock
“I was feeling that I’m getting old without enough achievement,” Son said
this week. “I was wondering, why should I end my life not feeling
satisfied?”
“我当时觉得⾃⼰年纪渐长，却没什么成就，”孙本周表⽰。“我不禁想，为什
么我要在感到不满⾜的情况下结束⽣命呢？”
The huge advancements in generative AI, epitomized by the release of
ChatGPT, shocked him into action.
⽣成式⼈⼯智能的巨⼤进步——以 ChatGPT 的发布为代表——令他深受震
撼，从⽽付诸⾏动。
Son shed vast holdings of T-Mobile, Alibaba and even Nvidia as he sought
to plow money into OpenAI, data centers and robotics.
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索恩抛售了⼤量 T-Mobile、阿⾥巴巴甚⾄英伟达的持股，以便将资⾦投⼊
OpenAI、数据中⼼和机器⼈技术领域。
Staff who previously hunted for iconoclastic founders with promising
startups were sent to find AI data-center sites, the energy needed to power
them and the chips to run them.
此前负责物⾊拥有前景⼴阔初创企业的特⽴独⾏创始⼈的⼈员，如今被派去
寻找⼈⼯智能数据中⼼的选址、为其供电所需的能源以及运⾏所需的芯⽚。
The company’s investments in OpenAI are the largest-ever in a private
company, $32 billion in 2025 and another $30 billion this year.
该公司对 OpenAI 的投资创下了私营企业投资额的历史新⾼，2025 年投资
320 亿美元，今年再投 300 亿美元。
SoftBank’s AI bets are financially complex, use a lot of debt and often
involve transactions between the company’s units or entities in which it
has large stakes.
软银在⼈⼯智能领域的投资结构复杂，涉及⼤量债务，且往往包含该公司旗
下各业务部门或其持股⽐例较⾼的实体之间的交易。
SoftBank executives play down the risks of the financing deals, noting the
sums are small in the context of a company with hundreds of billions of
dollars in assets.
软银⾼管淡化了这些融资交易的风险，指出对于⼀家拥有数千亿美元资产的
公司⽽⾔，这些⾦额微不⾜道。
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A solar farm owned by SB Energy, a company that has become a data-center builder. ASHLEY LANDIS/
AP
SB Energy 公司拥有的⼀个太阳能发电场，该公司现已转型为数据中⼼建设商。阿
什利·兰迪斯/美联社
A large chunk of the cash SoftBank has plowed into OpenAI has come from
borrowing against the swelling value of SoftBank’s stake in Arm Holdings,
the chip designer.
软银投⼊ OpenAI 的⼤部分资⾦，来源于以其在芯⽚设计公司 Arm Holdings
的持股（该持股价值不断攀升）为抵押所获得的贷款。
Arm in turn has benefited from SoftBank, which paid Arm $704 million in
the 12 months through March for an undisclosed chip-development
project. SoftBank spending accounted for 60% of Arm’s revenue growth,
according to company filings.
Arm 也从中受益，软银在截⾄ 3 ⽉的 12 个⽉内，为⼀项未公开的芯⽚开发项
⽬向 Arm ⽀付了 亿美元。根据该公司提交的⽂件显⽰，软银的⽀出占
Arm 营收增长的 60%。
Much of Arm’s recent stock growth came after a well-received pivot into
AI-focused chip design. An Arm spokeswoman said the “vast majority of
Arm’s revenue continues to come from customers outside the SoftBank
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ecosystem, with growth driven by broad-based demand.”Arm 近期股价的
⼤部分涨幅，源于其向以⼈⼯智能为重点的芯⽚设计转型后所获得的积极反
响。Arm 的⼀位⼥发⾔⼈表⽰：“Arm 绝⼤多数收⼊仍来⾃软银⽣态系统以
外的客户，其增长主要得益于⼴泛的市场需求。”
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SoftBank also provides a sizable amount of OpenAI’s revenue. It agreed in
early 2025 to pay OpenAI $3 billion a year for a yet-to-be-launched product
called Cristal Intelligence.软银也是 OpenAI 的重要收⼊来源。2025 年初，
软银同意每年向 OpenAI ⽀付 30 亿美元，⽤于⼀款尚未推出的名为“Cristal
Intelligence”的产品。
SoftBank’s first announced tenant in a new data-center push is OpenAI,
which signed a lease with SoftBank for a -gigawatt facility that could
cost around $2 billion a year in rent, based on prevailing rates.软银在推进
新建数据中⼼计划时，⾸家公布的租户是 OpenAI。该公司已与软银签署租赁
协议，租⽤⼀座 吉⽡的设施；按当前市场租⾦⽔平计算，每年租⾦可能⾼
达约 20 亿美元。
Son is in for a personal payday that could run into the tens of billions of
dollars if OpenAI’s ascent continues. SoftBank’s board approved a loan to
Son of $ billion that gives him a personal stake in the fund SoftBank
used to invest in OpenAI. . securities law prohibits public companies
from lending to CEOs, though such a deal is allowed under Japanese law.如
果 OpenAI 继续崛起，孙正义个⼈可能获得⾼达数百亿美元的收益。软银董事
会批准向孙正义提供 31 亿美元贷款，这使他获得了软银⽤于投资 OpenAI 的
基⾦中的个⼈股份。美国证券法禁⽌上市公司向⾸席执⾏官提供贷款，但根
据⽇本法律，此类交易是被允许的。
Son gets % of profits after SoftBank receives some return on a large
portion of its investment. The arrangement means that SoftBank
shareholders bear most of the risk, having put up the full $139 billion of the
fund.
在软银从其⼤部分投资中收回部分资⾦后，Son 将获得 %的利润。这⼀
安排意味着，软银股东承担了⼤部分风险，因为他们全额出资了这⽀ 1390 亿
美元的基⾦。
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SoftBank says in its securities filings the arrangement with Son leads to an
“enhanced focus on the management of investments” in the fund, which is
intended to improve SoftBank’s performance.
软银在其证券⽂件中表⽰，与孙正义达成的这项安排将使该基⾦“更加专注于
投资管理”，旨在提升软银的业绩。
David Dai, an analyst at Bernstein, said some deals between SoftBank units
are natural given the company’s wide reach in numerous different areas of
AI.
伯恩斯坦分析师戴维·戴表⽰，鉴于软银在⼈⼯智能众多不同领域的影响⼒⼴
泛，其旗下各业务部门之间进⾏⼀些交易是顺理成章的。
Eager to raise cash for data centers, Son plans to tap the market’s hunger
for companies focused on AI and related uses by spinning off collections of
companies within SoftBank. Executives are planning an initial public
offering of a robotics unit, Roze AI, for June.
为了给数据中⼼筹集资⾦，孙正义计划通过分拆软银旗下的⼀批公司，借势
市场对专注于⼈⼯智能及相关应⽤企业的热切需求。公司⾼管正计划于 6 ⽉
让机器⼈业务部门 Roze AI 进⾏⾸次公开募股。
SoftBank has plans in the ., including 10 gigawatts of data centers in Ohio. BRIAN KAISER/
BLOOMBERG NEWS
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Eliot Brown writes about finance from The Wall Street Journal's London office. He previously
covered startups and venture capital from San Francisco and commercial real estate from New York
City. He is the co-author of "The Cult of We: WeWork, Adam Neumann and the Great Startup…
软银在美国有相关计划，包括在俄亥俄州建设总容量达 10 吉瓦的数据中⼼。布莱
恩·凯泽/彭博新闻社
A separate IPO would list SB Energy, a midsize solar-power company that
has become a data-center builder. SoftBank has plans in the ., including
10 gigawatts of data centers in Ohio next to a $33 billion gas power plant it
is developing, which is funded by the .-Japan trade deal.
另⼀家计划单独上市的公司是 SB Energy，这家中型太阳能企业已转型为数
据中⼼建设商。软银在美国有诸多规划，其中包括在俄亥俄州建设 10 吉⽡的
数据中⼼，该项⽬毗邻其正在开发的、由美⽇贸易协定提供资⾦⽀持的价值
330 亿美元的燃⽓发电⼚。
More debt is likely to play a role, too. Son said in the interview that it will
be easy to find financing for 80% or 90%—or more—of the cost of the data
centers once SoftBank signs long-term agreements with big tech
companies for the facilities.
债务增加可能也会起到⼀定作⽤。孙正义在采访中表⽰，⼀旦软银与⼤型科
技公司就数据中⼼设施签署长期协议，为数据中⼼成本的 80%或 90%——甚
⾄更多——筹集资⾦将变得轻⽽易举。
“It’s a big-size investment but most of the money can come from project
finance,” Son said. “We don’t have to put in a lot of our own equity.”
He is sanguine that SoftBank will be a winner from any AI shakeout, which
he said could be like a typhoon or an earthquake.
The strong will “survive and then they become 10 times more powerful,
100 times more powerful. That was proved in the history of the dot-com
bubble,” he said. “The survivor has grown 100x.”
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Kate Clark covers startups, venture capital and artificial intelligence for The Wall Street Journal and
is based in New York. Her reporting examines venture investment, private market dealmaking and
the power dynamics between founders and investors in Silicon Valley and beyond.…
Sam Schechner covers technology, based out of The Wall Street Journal's Paris bureau, focusing on
the intersection between technology, business and society. His stories often tackle how big tech
companies grapple with topics like privacy, censorship and the impact of artificial intelligence.…
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