SoftBank extends scorching rally, surging over 12%, as investors crowd into AI trade
SoftBank Group shares have surged over 12% as investor interest in AI-related stocks continues to grow. This follows a significant rise in Nvidia's earnings, which has positively impacted the market. Additionally, SoftBank's stake in Arm Holdings has contributed to its rally, further fueled by optimism surrounding potential IPOs.
- ▪SoftBank shares rose over 12% on Friday, building on a 20% increase from Thursday.
- ▪The company's market cap increased by over $35 billion due to this rally.
- ▪Arm Holdings, in which SoftBank holds a majority stake, saw its shares advance over 16%.
- ▪Nvidia's strong earnings have reinforced optimism about AI infrastructure spending.
- ▪SoftBank has invested over $30 billion in OpenAI, positioning itself as one of its largest backers.
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SoftBank Group shares extended their scorching rally to a second day, rising over 12% Friday, and building on momentum after Nvidia's blockbuster earnings boosted AI-linked stocks.The company's shares had closed 20% higher Thursday, adding over $35 billion to its market cap.Softbank rally is also being powered by a sharp rise in Arm Holdings, in which the Japanese company holds a majority stake. Arm shares advanced over 16% overnight, after gaining more than 15% in the prior session.Nvidia recent results have reinforce optimism around continued spending on AI infrastructure and data centers.The potential OpenAI listing is also driving investors to SoftBank that has invested heavily into teh ChatGPT maker, with the IPO set to unlock substantial value for SoftBank.
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