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6/1/26Bloomberg Evening Briefing – Asia Edition:

Japanhas a new champion. Softbank has overtaken Toyota to become the country’slargest company by market capitalization. S

ares of the Masayoshi Son-led technology group have jumped more than 90% this year, compared with a 13% drop by the carmaker. The historic shift is another example of how investors’ endless thirst for AI-related stocks is reshaping financial markets. Enthusiasm toward Softbank has increased in recent days on signs OpenAI, in which it has a sizeable stake, is preparing for an IPO. The Japanese company is also racing to secure data center bases in major locations across the globe as AI companies battle to acquire sufficient computing power.

Softbank said on the weekend it plans to invest as much as €75 billion ($87billion) to build 5 gigawatts of AI data center capacity in France. By contrast, Toyota’s global sales fell for a third straight month in April, as disruptions due to the Middle East conflict ripple across itsbusiness. The company’s suppliers have also warned about shortages due to disruptions to trade. It’s not all rosy at Softbank. There are growing concerns within the companyabout Son’s ballooning commitment to OpenAI, now totaling morethan $60 billion, and what some Softbank officials see as Son’s starstruck devotion to Sam Altman. A key worryis that Son is focusing too much capital on a single company, especially onethat’s lately faced business, reputational and legal problems. But right now,investors don’t seem to care as the clamor for AI reaches new heights, leavingold economy giants in the dust.

—RichardFrost

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