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Amid the global market downturn and a significant drop in its stock, Japanese investment behemoth, SoftBank Group (OTC:SFTBY) (OTC:SFTBF), has reaffirmed its commitment to artificial intelligence.
What Happened: On Wednesday, SoftBank CFO, Yoshimitsu Goto, expressed the company’s steadfast belief in the transformative potential of AI, reported Nikkei Asia.
“We believe in AI, and believe it can change people’s lives,” Goto, said in a briefing following the announcement of Masayoshi Son-led SoftBank’s earnings for the April-June quarter.
Despite the market’s “high volatility,” he assured that SoftBank’s financial status remains “robust and stable.”
“Of course, the market is tough,” he stated, adding, “but our financial status is robust and stable. … There will be no change to our financial strategy for fiscal 2024.”
SoftBank’s first-quarter losses were significantly lower than the same period last year, thanks to a weak yen and increased earnings from chip designer ARM Holdings (NASDAQ:ARM) a company in which SoftBank holds a significant stake.
Regarding future investments, Goto acknowledged the need for caution due to market volatility. However, he also noted that the current lower stock prices present a good investment opportunity.
SoftBank also announced a share buyback of 500 billion yen ($3.4 billion) over the next year, motivated in part by the company’s record-low share price on Monday.
Why It Matters: Goto’s optimistic remarks follow SoftBank Group’s largest single-day stock price drop since its 1998 listing. This occurred on Monday as Japan’s benchmark Nikkei Stock Average experienced its worst daily sell-off in history.
U.S. stocks took a downturn on Wednesday, with an initial rally fizzling out, though the decline wasn’t as drastic as the recent turbulent swings seen in global markets.
The S&P 500 fell by 0.8% after an early surge of 1.7% lost momentum. The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite decreased by 1%.
The market’s decline was influenced by Nvidia Corporation (NASDAQ:NVDA), a major player on Wall Street, which shifted from a 4.4% morning gain to a 5.1% loss, heavily weighing down the S&P 500.
At the time of writing, Nvidia stocks were down 1.31% at $97.65, during the after-hours session.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
