SoftBank Group Corp. is reaping the rewards of being seen as a strong artificial intelligence (AI) stock. The company’s shares had risen by as much as 6% on Friday and are set to experience a weekly surge of approximately 18%. Jefferies recently upgraded SoftBank to buy from hold, driving the latest price hike. The analysts believe that the company stands to benefit from the AI-related stock frenzy propagated by ChatGPT’s launch in late 2020, and the bullish sales forecast made by Nvidia Corp. last month. Several companies have upgraded the AI-focused corporation recently, driving SoftBank’s total buy recommendations to 18, compared to just five holds with no sells. SoftBank’s Arm Ltd. chip design unit intends to list on Nasdaq this year, which could see SoftBank raise as much as $10bn through the IPO.
SoftBank Group Corp. is a Japanese multinational conglomerate holding company. It focuses on investing in technology startups and aims to generate returns by supporting long-term growth and value creation. The company has been keen on ramping up investments in AI, though it has been cautious following significant losses on holdings in recent quarters, which have driven down the company’s stock.
Masayoshi Son is the founder and CEO of SoftBank Group Corp. He is a Japanese businessman, investor, and philanthropist. He has invested in various technology companies, including Alibaba, Yahoo!, and Sprint. His investments have made SoftBank one of the most active venture capital companies in the world.
