Tech News Summary:
- SoftBank Group’s stock prices have surged in the past three days due to positive technology news.
- The rise in stock prices is attributed to a reported meeting between OpenAI CEO Sam Altman and Masayoshi Son, SoftBank director, and talks with Intel to become a lead investor in an IPO from SoftBank’s chip designer Arm.
- Goldman Sachs analysts believe there could be more room for growth for SoftBank as they continue to focus on technology investments and expanding their Vision Fund portfolio.
SoftBank Group Corp’s shares soared on Wednesday after a positive wave of tech news lifted investor sentiment and boosted the stock price.
The Japanese conglomerate, which is known for its investments in tech startups, saw its shares jump by 5.3% to close at ¥6,499 ($59.50) on the Tokyo Stock Exchange.
The rally was spurred by a series of upbeat tech news that included Apple Inc’s announcement of a major event on Sept 14, where the company is expected to unveil new products such as the iPhone 13 and Apple Watch Series 7. SoftBank is an investor in Apple, and any positive news about the tech giant tends to boost its shares.
Moreover, SoftBank was buoyed by news that the online payment platform Paytm, in which it owns a stake, is set to go public with a $2.2 billion initial public offering (IPO) in India. This signals the growing appetite for digital services in the country, where SoftBank has made significant investments in recent years.
SoftBank’s gains were also fuelled by the positive performance of global tech stocks, as investors regained confidence in the sector after recent declines. This bodes well for SoftBank’s portfolio of tech investments, which includes companies such as DoorDash Inc, Uber Technologies Inc, and chipmaker Nvidia Corp.
The news comes after a tumultuous year for SoftBank, which was hit hard by the Covid-19 pandemic and the subsequent economic downturn. The company recorded a record loss of $12.7 billion in March 2020 and was forced to sell billions of dollars worth of assets to shore up its finances.
But SoftBank has shown resilience in the face of adversity, and its share price has rebounded strongly in recent months. The positive tech news on Wednesday is likely to boost investor confidence further and could signal a new chapter of growth for the conglomerate.
With a portfolio of promising tech startups and a growing appetite for digital services, SoftBank is well positioned to ride the wave of technological disruption and emerge as a major player in the global tech landscape.