SoftBank Group Corp.’s stock slid as much as 10% after the tech investor’s exit from AI chipmaker Nvidia Corp. spooked investors already nervous about climbing tech-sector valuations.
The Japanese company’s shares touched a one-month low in Tokyo after disclosing Tuesday it had sold its entire stake in the world’s most valuable company for $5.8 billion to help bankroll future artificial intelligence investments. The fall came despite better-than-projected quarterly results from SoftBank, propped up in large part by its slice of OpenAI. Nvidia’s shares slid 3% in US trading.