SoftBank shares plunge over 8%, extending selloff into third day

shares Softbank Group It fell nearly 9% on Friday, marking the third straight day of selling after the Japanese giant said it had sold its entire stake in the US chip giant. Nvidia For $5.83 billion.

The stock pared losses to trade down 5% as of 9 p.m. ET. If losses continue, this will mark the second straight week of post-conglomerate selling It saw a loss of nearly $50 billion in market value last weekRecording the worst weekly loss since March 2020.

SoftBank revealed in its most recent earnings that it sold 32.1 million shares of Nvidia stock in October and reduced its stake in T-Mobile, generating $9.17 billion.

in spite of Sell ​​Nvidia Some investors were surprised that this is not the first time SoftBank has exited the US chip giant. Its Vision Fund raised nearly $4 billion in Nvidia stock in 2017 before selling it outright in early 2019.

However, SoftBank continues its business relationship with Nvidia. The Tokyo-based company is involved in a number of AI projects using Nvidia technology, including the $500 billion Stargate project for data centers in the United States.

Many other technology company stocks in the region also declined. Manufacturer of semiconductor testing equipment Adventist and Tokyo Electrona manufacturer of chip production equipment, by more than 3% and 4%, respectively.

Taiwan TSMCthe world’s largest contract chip maker, fell 2.04%. Shares of the giant South Korean memory chip company SK Hynix fell by more than 5%, while Samsung Electronics lost 3.8%.

shares Tencent It decreased by 5.61% JD.com It decreased by 4.31%.

Overnight in the US, the tech giants emerged exhausted. Nvidia and Broadcom It decreased significantly by 3.6% and 4.3%, respectively, while the parent company, Google, declined alphabet Decreased by 2.8%.