TradingKey - On October 9, Japanese stocks closed slightly lower, with the Nikkei 225 Index falling 11.19 points, or 0.02%, to close at 69,030.92. South Korean stock markets were closed for a holiday, with no trading conducted for the day.
Source: TradingView
Japanese tech stocks saw mixed performance, with SoftBank Group closing down 3.92% at 5,803 yen (approx. $37), after dropping as much as 7% in morning trading; Kioxia fell 2.21% to 17,505 yen.
SoftBank's stock price came under pressure, driven on one hand by growing market concerns over the growth prospects of the AI industry, and on the other by financial strain stemming from the company's continued expansion of AI investments.
Earlier, the Financial Times reported that OpenAI disclosed annualized revenue of nearly $50 billion for September to investors, lower than the $70 billion figure previously widely cited in the market, prompting investors to reassess the commercialization progress and high valuations of AI companies. Following the news, stocks across the AI supply chain generally came under pressure, dragging down SoftBank as well.
Meanwhile, SoftBank founder Masayoshi Son is seeking new funding sources to support the company's expanding AI investment strategy. According to a Friday report by the Financial Times citing people familiar with the matter, Son has recently reached out to Gulf region investors, including the UAE, aiming to raise up to $100 billion. However, current discussions do not guarantee a final agreement.
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