SoftBank Shares Surge on AI Hope and Sign of Stargate Progress

SoftBank Group Corp.’s shares jumped as much as 8% on Tuesday on bets that the tech investor would be able to capitalize on its years-long focus on artificial intelligence.

The Tokyo-based company is the unnamed buyer of Foxconn Technology Group’s EV plant in Ohio and plans to incorporate the facility into SoftBank’s $500 billion Stargate data center project with OpenAI and Oracle Corp., Bloomberg reported on Friday.

Read more: SoftBank Buys Foxconn’s Ohio Plant to Boost Stargate AI Push

That’s spurring optimism that SoftBank may be able to kick-start the stalled Stargate endeavor and benefit from a rush ...