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Benzinga
Benzinga
Business
Eva Mathew

Japan's SoftBank Shares Dive Nearly 20% This Week As AI Bubble Jitters Rattle Global Tech Stocks

SoftBank Japan SoftBank Group
Tokyo,,Japan,-,December,1,,2016:,Softbank,Mobile,Phone,Network

Shares of Japan’s SoftBank Group (OTC:SFTBY) declined by 7% on Friday amid a broader slump in AI-related stocks driven by valuation concerns.

This comes after SoftBank gained 2.9% in the previous trading session, following a 10% plunge on Wednesday. This week alone, the stock has wiped nearly 20% off its value, which is nearly $51 billion from the tech conglomerate’s market cap.

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