SoftBank shares up 8% today: Here we decode why
What's the story
SoftBank Group's shares soared by as much as 8% today, amid speculation that the tech investor could capitalize on its long-standing focus on artificial intelligence (AI). The Tokyo-based company has been revealed as the unnamed buyer of Foxconn Technology Group's electric vehicle (EV) plant in Ohio. According to Bloomberg, SoftBank plans to integrate this facility into its $500 billion Stargate data center project with OpenAI and Oracle.
Optimism
New life for Stargate project
The integration of the Ohio EV plant into the Stargate project has sparked optimism that SoftBank could revive its stalled endeavor. The move also puts it in a prime position to take advantage of the growing demand for AI hardware in the US. SoftBank's shares have been on an upward trajectory, rising for five consecutive days.
Figures
A look at the stock prices
In the Japanese market, SoftBank Group's shares opened at JPY 14,700 today and hit a high of JPY 14,975. It is currently trading at JPY 14,685 (up 5.91% compared to yesterday).