RB Markets · The desk · Monday 2 November 2026

SoftBank lagged the Nikkei on OpenAI's smaller round, and Oracle fell 8.76% on its raise

OpenAI has cut the target for its current funding round from $30 billion to $20 billion, at a $1.25 trillion valuation, the Financial Times reported on Friday. The Wall Street Journal put commitments so far at about $11 billion. Monday was Tokyo's first session after those reports. SoftBank Group, an OpenAI investor, opened at ¥4,277, 4.55% below Friday's close. It finished at ¥4,410, down 1.58%, behind the Nikkei 225. Trading Economics linked the day's tech losses to a cautious Kioxia outlook that raised doubts about AI demand.

In New York, Oracle closed down 8.76%. It plans to sell $10 billion of common stock and $10 billion of senior notes, a form of bond, to fund its AI buildout, CNBC reported. The Nasdaq Composite lost 1.07% and the S&P 500 lost 0.51%.

Both prices counted the cost of money for spending whose revenue has not yet arrived. SoftBank's close recovered much of its opening fall, so the markdown on OpenAI's backer was real but partial. Oracle's raise splits the risk. New shares dilute existing holders, shrinking each one's slice, while noteholders lend against the same buildout and are paid first. Monday was a contest over which investors carry the risk. No price touched the work the buildout is meant to change.

The tape will watch whether OpenAI's first close lands below $20 billion, as Reuters reported, and how Oracle's notes price.

Sources

RB Markets is analysis of how value is being measured and mismeasured. It is not investment advice.