SoftBank AI Plunge

SoftBank shares plunge over 10 percent after calls to slow down AI development.

Asian shares were mixed on Monday, with shares of Japanese investment conglomerate SoftBank Group, a key investor in OpenAI, falling more than 10% following calls from Anthropic and OpenAI to slow AI development for safety. Shares of SoftBank fell 11.2%, following OpenAI CEO Sam Altman's call for the industry to slow down. Other AI-related stocks in Asia also fell, including South Korea’s Kospi and Japan’�s Nikkei 225 index. Concerns over global oil supplies grew after Saudi Arabia shut down a major oil pipeline used to bypass the Strait of Hormuz after an attack. Oil prices also rose, with Brent crude rising 3.2% to $107.94 per barrel. The S&P 500 gained 0.9%, ending its four-day losing streak, while the Dow Jones Industrial Average rose 1%, and the Nasdaq composite climbed 1%.

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