AI CAPEX Has Peaked? Every Layer of the Money Said "No" in the Same Week
@AI_FocusedTrader：
The Tell: SoftBank's ¥1.12 Trillion Loss Was No Accident On November 10, $Softbank Corp.(SOBKY)$ reported a quarter the market wasn't positioned for: a net loss of ¥1.12 trillion (~$7.0 billion) for the fiscal second quarter ended September, against analyst expectations of roughly ¥129 billion in profit — and versus a ¥2.5 trillion profit a year ago. The bleeding didn't come from OpenAI — that stake still sits on the books at a fair value of $99.6 billion, unchanged from March, with no impairment taken. The real damage came from a corner few people were watching: power equipment for US AI data centers. Silver Bands 7, a subsidiary held with Vision Fund 2, had pre-purchased generation equipment capacity for projects in Ohio and elsewhere; when pro