SoftBank Shares Crash Amid Growing AI Safety Concerns

SoftBank shares plummeted by over 13% on Monday, closing at 6540 Japanese Yen after falling from its previous close of 5678 Japanese Yen. The company's market cap dropped to a staggering 33.316 trillion Japanese Yen.

The sudden decline in SoftBank's stock price is largely attributed to growing concerns over the pace of artificial intelligence development. The heads of Anthropic PBC and OpenAI, two prominent AI companies, recently called for greater caution in the development of advanced AI systems, urging developers to slow down amid rising safety concerns.

SoftBank's heavy exposure to the sector has made it particularly sensitive to shifts in investor sentiment toward AI and valuations of companies operating in the space. The company is among the largest backers of OpenAI, with its total investment expected to approach $65 billion by October.