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SoftBank shares jumped nearly 14% and lifted the Nikkei back above 60,000 on Nov. 10, hours before a ¥1.1 trillion ($7 billion) AI-linked quarterly loss.
- SoftBank (9984.T) rose 13.9% in Tokyo, ahead of results, and the Nikkei 225 closed up 2.9% at 60,459.58.
- The July-September loss of ¥1.1 trillion followed a ¥2.5 trillion profit a year earlier.
- A $3.7 billion power-equipment write-down and a ¥321.9 billion Intel-linked derivative loss drove the result.
Lead
SoftBank Group shares closed almost 14% higher in Tokyo on Tuesday, Nov. 10, 2026, leading a rebound that returned the Nikkei 225 to 60,459.58, a gain of 2.9%. The group then reported a loss of about ¥1.1 trillion ($7 billion) for the three months through September, a reversal from the ¥2.5 trillion profit of the same period in 2025. Quarterly sales rose 16% to ¥2.2 trillion from ¥1.9 trillion.What Happened to SoftBank Shares and the Nikkei?
SoftBank shares gained 13.9% in the session, the largest advance among Nikkei constituents, and the move came before the earnings release. The stock had lost about one-third of its value over the past year.
The rally was part of a broad recovery in AI stocks. The Philadelphia Semiconductor Index surged 6.85% on Wall Street overnight, and Japanese and South Korean chip-related shares rebounded from oversold levels. South Korea's Kospi jumped more than 5% at one point, triggering a circuit breaker. The Nikkei's return above 60,000 followed a sell-off last week that had pushed the benchmark into bear-market territory.
Why Did the Loss Not Dent Investor Sentiment?
The earnings were published after the trading session, so the share-price move reflected the sector rebound and positioning rather than the results themselves. SoftBank is widely treated as a leveraged proxy for artificial intelligence spending, and its shares tend to track semiconductor and AI sentiment more closely than the broader Japanese market.
The loss came from two items. SoftBank wrote down $3.7 billion on power-generation equipment intended for U.S. AI data centers. It also booked a ¥321.9 billion derivative loss on prepaid forward contracts backed by shares of Intel (INTC). Investment gains in the first half totaled ¥1.7 trillion, and the Vision Funds contributed a $534 million gain in the quarter, but neither offset the charges.
How Exposed Is SoftBank to OpenAI?
SoftBank's cumulative investment in OpenAI stands at $64.6 billion for a stake of roughly 13%, including a $30 billion follow-on commitment completed in October. OpenAI is private, so SoftBank's reported gains and losses depend on valuation marks rather than a traded price. Its portfolio also includes Arm Holdings (ARM), which gives it exposure to chip design as well as AI model development.
The balance sheet shows the volatility that comes with that concentration. Net asset value stood at ¥59.8 trillion ($380 billion) on Sept. 30. On a pro forma basis at Nov. 9 prices, it was ¥44.7 trillion ($282 billion), a drop of roughly a quarter in just over a month. The loan-to-value ratio was 15.9%, below the company's 25% policy ceiling, and cash holdings were ¥5.0 trillion ($32 billion).
Financing and Strategy
SoftBank raised a record $56.5 billion in the quarter, made up of $39.9 billion from debt markets and $16.6 billion from asset monetization. The raise funds the OpenAI commitments and data-center buildout, and it gives the group room to keep investing through a market downturn. Management described the near-term task as balancing "gas and brake", pairing continued AI investment with discipline on leverage.
What Comes Next for the Nikkei and AI-Linked Shares?
The Nikkei's direction in the near term depends on whether the semiconductor rebound holds. The index's move through 60,000 followed a steep decline, and investors remain wary of the risks that triggered last week's sell-off, including stretched AI valuations and the pace of data-center spending. SoftBank's shares are likely to be the most sensitive point, since they combine exposure to private AI valuations with leverage and a heavy weighting in the index.
The group's next test is the market's response to the earnings on Wednesday's open, when investors can price the loss and the sharp fall in pro forma NAV for the first time.
Outlook
SoftBank's 14% surge showed how closely Tokyo's equity markets are tied to AI sentiment, with the stock moving on sector momentum rather than on its ¥1.1 trillion loss. The balance sheet remains inside its leverage limits, and record financing extends the group's runway. The quarter's results, however, show how sharply write-downs and portfolio valuations can swing earnings. The Nikkei above 60,000 will be tested by chip-sector momentum and by how investors treat SoftBank's results.
Mentioned tickers: 9984.T, INTC, ARM
