SoftBank Soars on Strong Profits and Strategic AI Spending
SoftBank Group’s shares surged more than 13% to a record high on the Tokyo Stock Exchange on Friday, following stronger-than-expected first-quarter profits and the announcement of major investments in the artificial intelligence sector. By the close of trading, the share price stood at ¥13,865, after reaching as high as ¥14,205 earlier in the day, Reuters reported.
According to the report, SoftBank posted a net profit of ¥421.8 billion ($2.87 billion) for the April–June quarter, compared with a loss in the same period last year.
This year, SoftBank has announced a $30 billion investment in OpenAI and led financing for the $500 billion “Stargate” data center project in the United States.
The strong results contributed significantly to lifting the TOPIX index to a record 3,024 points. Analysts say the company’s diversified investment portfolio and solid financial position have strengthened investor confidence in SoftBank.
