Overview
- SoftBank’s shares jumped about 10% on Monday, pushing its market value above Toyota’s in midday trading after a run of big gains this year.
- The rally was fueled by reports that OpenAI and SB Energy are preparing confidential U.S. listing filings and by SoftBank’s pledge of roughly €75 billion over five years to build AI infrastructure in France.
- Toyota’s stock slid around 4.8–4.9% on the day and has fallen more than 10% year-to-date, widening the gap between the AI‑linked winners and traditional exporters.
- Analysts and ratings agencies warn the gains may not stick because much of SoftBank’s rise is tied to a small number of large, often unlisted assets and to heavy leverage that could complicate liquidity and monetization.
- The move lifted the Nikkei to record highs even as the broader Topix lagged, and investors will watch whether U.S. IPO filings, end‑of‑day trading and signs of durable cash monetization sustain the rerating.