Shares of tech conglomerate SoftBank Group Corp.
(OTC:SFTBY) plummeted over 11% in Tokyo on Friday as a sweeping global rout in artificial intelligence and semiconductor stocks triggered a massive downturn for market frontrunners.
The sharp decline tracked steep overnight losses on Wall Street, fueled by growing investor anxiety over whether hyper-scale technology infrastructure spending remains justified.
Global Chip Rout Spreads The downward market spiral intensified following a weak U.S. trading session, during which the Nasdaq Composite fell 1.47%, and the VanEck Semiconductor ETF (NASDAQ:SMH) dropped 3.70%.
The contagion hit Asian markets rapidly on Friday morning.
