The rise in SoftBank Group's stock price has led to expanding unrealized losses for investors who had shorted the company's shares in anticipation of a decline. Driven by expectations for "GPT-6 Astra," a new AI model from the U.S.-based OpenAI in which the company invests, SoftBank Group's stock price has risen by approximately 31% since the beginning of this month.

According to data from S3 Partners, as of the 9th, the short interest as a percentage of the float reached 2.27%, the highest level since July 2025. Due to the price surge in September, short sellers have incurred unrealized losses of approximately $1.047 billion (approximately ¥161.7 billion), bringing the year-to-date loss to approximately $1.236 billion.

Sam Pearson, Research Director at S3 Partners, pointed out that given the current losses held by short sellers, there is an increasing risk of a "short squeeze," where the act of buying back short positions to cover losses further pushes the stock price upward if it continues to rise.

On the other hand, some maintain a cautious view regarding the sustainability of the stock price, citing concerns over the company's massive AI investment plans and fundraising. Tomoichiro Kubota, Chief Market Analyst at Matsui Securities, stated that demand from SB Energy, a subsidiary that has filed for an initial public offering (IPO) in the United States, will be the key to advancing the unwinding of short positions.

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