Copyright CNBC
Shares of Japan's SoftBank Group resumed their slide on Friday, following a broader slump in AI-related stocks as investors once again grew wary of the sector's lofty valuations. The conglomerate, which holds a wide range of AI investments across infrastructure, semiconductor, and application companies, dropped over 8%. This comes after the group's shares gained nearly 3% in the previous session after plunging 10% on Wednesday and clocking their worst day since April. Other Japanese tech stocks also declined. Semiconductor testing equipment maker Advantest fell over 6%, chipmaker Renesas Electronics fell nearly 4%, Tokyo Electron, a chip production equipment maker, fell 1.46%. South Korean memory chip giant SK Hynix lost 0.51%. The declines also come after AI-related stocks in the U.S. fell overnight Qualcomm dropped almost 4%, despite strong quarterly results, after warning it could lose future Apple business. AMD, a strong performer Wednesday, slipped 7%, while Palantir and Oracle were down about 7% and 3%, respectively. Nvidia and Meta Platforms, another of the "Magnificent Seven," also finished lower.
