Shares in SoftBank Group surged over 13% to a record high as investors showed support for the Japanese tech investor’s AI push. The firm reported a net profit of 421.8 billion yen for the April-June quarter, beating expectations. Market enthusiasm for AI-related companies improved SoftBank’s loan to value ratio to 17%. SoftBank was the biggest contributor to Japan’s Topix index gains, which rose above 3,000 points for the first time. This jump provided relief to investors as shares traded at a 50% discount to asset value.

Read more at Yahoo Finance: SoftBank shares hit record high on AI prospects