SoftBank shares plunge 10% amid broader tech sell-off

shares SoftBank It fell 10% in the US market following an overnight sell-off driven by broader profit-taking in the technology sector. Other Asian tech giants also saw their share prices fall.

While the Japanese investment giant recently left behind Toyota Motor Japan’s most valuable companyThere are market concerns about SoftBank has high-risk bets on artificial intelligence, even though its share price is up nearly 70% year-to-date on investor interest in the new technology.

SoftBank CEO Masayoshi Son told CNBC that he expects the AI ​​revolution to be 50 times larger than the dot-com revolution of the 2000s.

“Now, if you look at history, electronics and motorization crashed in 1929, but it took off for many years, 100 years after that… so there might be some corrections, but this will be the best investment opportunity for me,” Son said Monday.

According to a recent investor note from Deutsche Bank analyst Peter Milliken, the market appears “focused on short-term momentum and less interested or unable to map out the long-term trajectory with detailed assumptions.”.

in South Korea, SAMSUNG And SK Hynix After both companies surpassed the $1 trillion market cap in May, their shares fell 1.25% and 2.75%, respectively, following some profit-taking.

SoftBank on Wednesday sold a 3.25% stake in Indian eyewear maker Lenskart through its subsidiary SVF II Lightbulb (Cayman), selling 56.5 million ⁠shares at ⁠508.55 Indian rupees ($5.32) each. This puts the transaction value at approximately 28.73 billion rupees.

Some of the buyers include ICICI Prudential’s mutual funds, Indian financial services provider Kotak Mahindra and pension fund Los Angeles City Employees’ Retirement ‌System.

SoftBank’s shares were last traded at 7,434 yen, down 10.6%.

—CNBC’s Lee Ying Shan and Sawdah Bhaimiya contributed to the report.