SoftBank shares swept up in AI chip frenzy ahead of Arm IPO

SoftBank Group Corp shares jumped 5% in early Friday trade as the technology investor – which is preparing an initial public offering of chip designer Arm – was caught up in a frenzy for semiconductor and artificial intelligence-related stocks.

The Japanese conglomerate, which has been hit by the slumping value of its tech portfolio, has seen its shares gain 17% since last week’s close.

Still, they are up only 6.4% year-to-date, compared with 172% for U.S. chipmaker Nvidia Corp – an expected beneficiary of investment in AI – and 39% in the Philadelphia SE Semiconductor Index.