SoftBank Shares See AI Boost

SoftBank Group Corp. experienced a surge in shares, climbing as high as 8%, fuelled by investor confidence in the company's strategic focus on artificial intelligence. This rise reflects optimism that SoftBank can effectively leverage its long-term AI investments.

Adding to the positive sentiment is progress on SoftBank's Stargate project, a $500 billion initiative with OpenAI and Oracle to build AI infrastructure. SoftBank is reportedly acquiring Foxconn's Ohio electric vehicle plant, with plans to integrate it into the Stargate data centre project. This move signals renewed momentum for Stargate and SoftBank's commitment to expanding AI hardware capabilities in the United States.

SoftBank's strategic AI investments include a significant stake in OpenAI and the acquisition of chip designer Ampere Computing. These moves, along with its ownership of Arm, aim to position SoftBank at the forefront of the AI revolution by providing essential hardware and infrastructure.