SoftBank Set for Biggest Two-Day Rally Since 2020 as Arm Surges
- The Japanese company holds about 90% of chip designer Arm
- SoftBank also reported a return to profits in December quarter
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SoftBank Group Corp. shares surged for a second day to the highest level in almost three years, bolstered by a continued upward climb by its crown jewel, Arm Holdings Plc.
Arm surged 48% as artificial intelligence spending helped bolster the chip designer’s forecast. Chief Executive Officer Rene Haas said on Bloomberg Television that the opportunities presented by AI are just beginning to be recognized.