Musk wrote on X on November 6: “SoftBank is defaulting on their turbine orders.” (SoftBank is failing to pay for its gas turbine orders.)
The post did not name a supplier, specify which order was involved, or provide any evidence; SoftBank had not responded by the time of reporting.
The context is the Stargate AI data center project, in which SoftBank is involved. Its U.S. energy subsidiary, SB Energy, plans to build about 9.2 gigawatts of gas-fired power generation capacity in Ohio to supply electricity to data centers. It had previously confirmed that it had ordered gas turbines from manufacturers including GE Vernova.
That same day, SoftBank Group shares fell about 10.8% in Tokyo trading, while the cost of insuring against a SoftBank debt default rose to 466 basis points, its highest level since October 2022. It should be noted that a broad sell-off in AI and chip stocks was underway that day, so the share-price decline cannot be attributed solely to this post.
(Source: Bloomberg report dated November 6; quotation translated)$BTC $ETH
The post did not name a supplier, specify which order was involved, or provide any evidence; SoftBank had not responded by the time of reporting.
The context is the Stargate AI data center project, in which SoftBank is involved. Its U.S. energy subsidiary, SB Energy, plans to build about 9.2 gigawatts of gas-fired power generation capacity in Ohio to supply electricity to data centers. It had previously confirmed that it had ordered gas turbines from manufacturers including GE Vernova.
That same day, SoftBank Group shares fell about 10.8% in Tokyo trading, while the cost of insuring against a SoftBank debt default rose to 466 basis points, its highest level since October 2022. It should be noted that a broad sell-off in AI and chip stocks was underway that day, so the share-price decline cannot be attributed solely to this post.
(Source: Bloomberg report dated November 6; quotation translated)$BTC $ETH