SoftBank shares surge on AI hope and sign of stargate progress

SoftBank Group Corp.’s shares jumped as much as 8% on Tuesday on bets that the tech investor would be able to capitalise on its years-long focus on artificial intelligence.

The Tokyo-based company is the unnamed buyer of Foxconn Technology Group’s EV plant in Ohio and plans to incorporate the facility into SoftBank’s $500 billion Stargate data centre project with OpenAI and Oracle Corp., Bloomberg reported on Friday.

That’s spurring optimism that SoftBank may be able to kick-start the stalled Stargate endeavour and benefit from a rush to build AI hardware in the US. Its stock is up for the fifth straight day and on track to close at a record.

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