Reuters
2023.06.02 00:24
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SoftBank shares jump 5% amid AI chip frenzy

TOKYO, June 2 (Reuters) - Shares in SoftBank Group Corp (9984.T) jumped 5% in early trading in Tokyo as the tech investing conglomerate, which is preparing to list chip designer Arm, was caught up in the frenzy for semiconductor and AI-related stocks.

TOKYO, June 2 (Reuters) - Shares in SoftBank Group Corp (9984.T) jumped 5% in early trading in Tokyo as the tech investing conglomerate, which is preparing to list chip designer Arm, was caught up in the frenzy for semiconductor and AI-related stocks.

While shares in the Japanese conglomerate, which has been hit by the slumping value of its tech portfolio, have gained 17% since Friday’s close they are up only 6.4% year-to-date.

That compares with a 172% gain by chip maker Nvidia Corp (NVDA.O) this year and a 38% rise in the Philadelphia SE Semiconductor Index (.SOX) .