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SoftBank has lots of appetite for AI: Japan’s SoftBank plans to earmark around USD 9 bn a year to AI investments as it looks to fuel the expansion of its chip-design subsidiary Arm, the Financial Times wrote.
All for the group’s “crown jewel:” The group’s founder and CEO Masayoshi Son has been pushing to transform it into an AI powerhouse, in hopes of securing acquisitions that can feed into its Arm. Much of the company’s USD 180 bn net asset value has been driven by the UK-based Arm, which saw its share price jump nearly 25% after its blockbuster September 2023 market debut. Arm’s valuation has soared since then to exceed USD 100 bn currently.
Refresher: SoftBank has shifted its investment strategy to AI and semiconductors after backtracking on venture capital investments and selling assets owned by its startup fund Vision Fund, which included a USD 14 bn stake in defunct coworking startup WeWork.
MARKETS THIS MORNING-
Asian markets are up slightly in early trading this morning as investors look forward to a week packed with macro data in the run-up to Friday’s release of US core personal consumption expenditures — a report that Reuters says “could set the stage for a cut in interest rates there, albeit not for a few months yet.”
European futures were down slightly overnight, and both Wall Street and the City are off today for holidays.
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ADX |
8,834 |
-0.6% (YTD: -7.8%) |
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DFM |
4,013 |
-0.3% (YTD: -1.2%) |
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Nasdaq Dubai UAE20 |
3389 |
-1.1% (YTD: -11.8%) |
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USD : AED CBUAE |
Buy 3.67 |
Sell 3.67 |
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EIBOR |
5.0% o/n |
5.3% 1 yr |
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TASI |
11,851 |
-1.2% (YTD: -1.0%) |
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EGX30 |
27,539 |
+1.2% (YTD: +10.6%) |
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S&P 500 |
5,305 |
+0.7% (YTD: +11.2%) |
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FTSE 100 |
8,318 |
-0.3% (YTD: +7.6%) |
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Euro Stoxx 50 |
5,035 |
0.0% (YTD: +11.4%) |
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Brent crude |
USD 82.12 |
+0.9% |
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Natural gas (Nymex) |
USD 2.52 |
-5.2% |
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Gold |
USD 2,357 |
-0.1% |
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BTC |
USD 68,625 |
-0.7% (YTD: +62.3%) |
THE CLOSING BELL-
The ADX fell 0.6% yesterday on turnover of AED 4.6 bn. The index is down 7.8% YTD.
In the green: Hayah Ins. (+4.8%), Phoenix Group (+4.8%) and E7 Group (+3.5%).
In the red: Taqa (-6.9%), Waha Capital (-6.0%) and Pure Health (-5.8%).
Over on the DFM, the index fell 0.3% on turnover of AED 372 mn. Meanwhile, Nasdaq Dubai closed down 1.1%.
