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Companies

SoftBank dumps entire Nvidia stake and hints at more to come

Company beats Toyota in profit, as derivatives serve as shield from stock swoon

SoftBank chief Masayoshi Son speaks at an earnings conference in Tokyo on Wednesday. The 61-year old chairman said he plans to stay in his position until he is 69. (Photo by Maho Obata)

TOKYO -- SoftBank Group's $100 billion technology fund has sold its entire stake in U.S. chipmaker Nvidia, the company said Wednesday, as it announced its latest earnings which reflected the group's resilience but also the many risks it faces.

In the nine months through December, the group saw roughly 50% growth in net profit to 1.54 trillion yen ($13.9 billion), which overtook Toyota Motor's profit of 1.42 trillion yen for the first time.

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