The AI stock frenzy is cooling, and SoftBank is taking it on the chin.
Shares in the Tokyo-based global tech investor are down 44% since they crested late last month, including a 10% drop Tuesday. In all, more than $100 billion in market value has been erased.
The roller-coaster ride likely reflects shifting investor sentiment about artificial intelligence, and particularly about ChatGPT maker OpenAI, to which SoftBank has committed more than $31 billion this year. That heavy investment in the chatbot maker has made SoftBank something of a proxy for views on OpenAI, particularly as it sells down other holdings to raise cash.