The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025.
Shares of Japan's SoftBank Group resumed their slide on Friday, following a broader slump in AI-related stocks as investors once again grew wary of the sector's lofty valuations.
The group, which holds a wide range of AI investments across infrastructure, semiconductor, and application companies, saw shares close 6.87% lower, recouping some losses from earlier in the session.
This comes after SoftBank gained nearly 3% in the previous session, having plunged 10% on Wednesday to clock its worst day since April. It saw almost $50 billion in market cap wiped out this week and its worst weekly loss since March 2020, down nearly 20%.
"SoftBank Group's shares are falling as many bought it as the only listed proxy for OpenAI," said David Gibson, senior research analyst at financial services firm MST Financial.
The pullback reflects growing caution around the AI sector and a realization that many of OpenAI's partnerships are still potential rather than confirmed, with funding prospects uncertain, he told CNBC.
OpenAI CEO Sam Altman reportedly said the company has spoken with the U.S. government about potential federal loan guarantees to encourage chip factory construction. His comments came after OpenAI's CFO suggested the firm hoped for federal help in securing chip financing.