SoftBank Group shares fell as much as 11% after posting a $7 billion loss

Odaily Report: SoftBank Group shares fell as much as 11%. Earlier, the Japanese technology investment giant reported its first net loss in nearly two years, driven by a $3.7 billion writedown on its U.S. data center projects and declining valuations of artificial intelligence (AI)-related assets. On Wednesday, the stock fell as low as 3,465 yen in Tokyo trading. In the fiscal quarter ended in the second quarter of the current fiscal year, SoftBank Group swung from profit to loss, with losses reaching 1.12 trillion yen (approximately $7.1 billion). The loss stemmed from writedowns on certain prepayments—originally intended for the procurement of power equipment to support an 8-gigawatt (GW) project in Ohio and other U.S. data center projects—that have become unrecoverable due to project changes.