That raised the Tokyo-based company’s shares up as much as 13%, the most in four months, setting them on pace for a record-high close on Friday. That’s despite the termination of SoftBank’s ¥500 billion (US$3.4 billion) buyback program, which ended with SoftBank only buying around ¥330 billion of its shares.
SoftBank Group Corp shares surged to a record after it swung to a quarterly profit, an affirmation for Masayoshi Son’s bets on artificial intelligence players such as Nvidia Corp.
A recovery at SoftBank’s signature Vision Fund and the sale of assets such as its T-Mobile US Inc holdings are helping Son double down on bets geared to help him capitalize on booming investment in AI hardware. SoftBank, which had sold US$4.8 billion worth of its stake in the US telecom company in June, revealed the sale of another US$3 billion of the US carrier’s stock.
