SoftBank shares swept up in AI chip frenzy ahead of Arm IPO

SoftBank Group Corp saw its shares rise by 5% in early trade due to the frenzy for semiconductor and artificial intelligence-related stocks. The Japanese conglomerate has been hit by the slumping value of its tech portfolio, but it has seen shares gain 17% since the close of last week. This is compared to a 172% increase for U.S. chipmaker Nvidia Corp and 39% for the Philadelphia SE Semiconductor Index. Analysts believe the anticipated IPO of chip designer Arm will help the rally.

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