Shares of SoftBank Group surged on Thursday, rising nearly 20%, following impressive earnings from Nvidia overnight that highlighted strong momentum in artificial intelligence.
SoftBank’s stock, which had declined for five consecutive sessions, closed 19.85% higher, adding over $35 billion to its market capitalization for the day.
The company’s fortunes are strongly linked to AI growth through its stake in Arm Holdings, which produces chip designs used in AI servers and data centers, as well as its investments in OpenAI.
SoftBank has invested over $30 billion in OpenAI, with gains totaling $45 billion in the year ending March.
The recent rally is fueled by renewed optimism about a possible OpenAI initial public offering (IPO), which also helped boost Arm Holdings’ shares.
Source (CNBC)
