SoftBank

SoftBank's role in Stargate (alongside Oracle and OpenAI) plus their massive OpenAI position makes them the most leveraged single bet on the AI infrastructure thesis. The Masayoshi Son strategy is unchanged: identify the platform shift, write enormous checks, and ride it.

The risk is concentration. If OpenAI's commercialisation pace disappoints, SoftBank carries proportionally more downside than any other backer. Watch their public Vision Fund disclosures — capital recycling between Vision Fund and SoftBank-direct in AI infrastructure is where to read their conviction.