Losses in tech stocks weigh on SoftBank
SoftBank shares dropped 9.3% after the failure of a $5.40 billion deal to acquire the robotics division of ABB. The collapse was driven by Chinese concerns regarding the transfer of data and intellectual property abroad, raising questions about the group’s artificial intelligence strategy.
Pressure intensified as shares of Arm declined and the Nikkei index fell by more than 7%, amid a broad sell-off of technology, artificial intelligence, and semiconductor stocks across global markets.
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