SoftBank tried to borrow $6B against its OpenAI stake — then shares plunged 9.7%.
Is the AI boom running into reality?
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. The AI wave slammed into a wall on Wednesday as tech stocks worldwide performed a tidal pullback, triggering a multibillion-dollar reckoning. SoftBank (OTCMKTS: SFTBY) spearheaded the rout, cratering as much as 9.7% that morning after an aggressive bid to secure a $6 billion margin loan — backed by its high-stakes OpenAI position — hit a stalemate, based on reporting from Bloomberg (1).
Top Picks – – – Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP Masayoshi Son, CEO of SoftBank, is particularly bullish on AI. Earlier this year, Son told CNBC (2) that he believes the AI revolution will be “more than 10x, probably 50x bigger than dot-com.” The June 10 decline came as semiconductor stocks across Asia and Europe also moved sharply lower. South Korean chipmaker SK Hynix (OTCMKTS: HXSCL) dropped 7.5%, Samsung Electronics (OTCMKTS: SSNLF) fell 6.1%, while Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) lost about 2%.