(Bloomberg) — SoftBank Group Corp.’s shares jumped as much as 8% on Tuesday on bets that the tech investor would be able to capitalize 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 center project with OpenAI and Oracle Corp., Bloomberg reported on Friday.
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That’s spurring optimism that SoftBank may be able to kick-start the stalled Stargate endeavor 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.
SoftBank has been gradually cashing in on some of its Vision Fund bets in recent years. SoftBank’s stock also received a boost after Reuters reported that the Japanese company has picked investment banks for a possible initial public offering for Japanese payments app operator PayPay. PayPay was originally set up through a venture with former Vision Fund portfolio company Paytm.
Last week, Foxconn’s flagship unit Hon Hai Precision Industry Co. said it had agreed to sell the EV plant to Crescent Dune LLC for $375 million without identifying the company behind the entity.
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