Foxconn News & Analysis

SoftBank (9984) Shares Drop Over 11% in Tech Sell-off

Shares of SoftBank Group (9984) fell more than 11% to 7,377 yen amid a tech sector sell-off in the U.S. market, reflecting wider profit-taking. This decline occurred despite a year-to-date increase of approximately 70% in its share price, driven by enthusiasm for AI investments. Additionally, SoftBank sold a 3.25% stake in Indian eyewear maker Lenskart for approximately 28.73 billion rupees ($5.32 per share). The sell-off impacted other tech giants in Asia, with TSMC down 1.65% and Foxconn falling over 4%.