SoftBank sinks 10% as Asia tech stocks tumble, tracking Wall Street losses
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- Japan's Softbank Group plunged 10% amid a broader decline in tech names and after efforts to secure at least $6 billion through a margin loan backed by its OpenAI stake hit a snag, according to Bloomberg News.
- Japanese chip equipment makers Advantest and Renesas Electronics dropped 3.8% and 3.4%, respectively.
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Asian semiconductor and technology stocks resumed their slide Wednesday, tracking overnight losses on Wall Street after a brief rebound in chipmakers lost steam amid lingering concerns over stretched artificial intelligence-related valuations.
Japan's Softbank Group plunged 10% amid a broader decline in tech names and after efforts to secure at least $6 billion through a margin loan backed by its OpenAI stake hit a snag, according to Bloomberg News. The Japanese tech investment giant is exploring alternative funding options, though it may revisit the loan at a later date.