Shares of SoftBank pared gains to jump 11.43% Thursday, a day after the Japanese giant announced a deal to buy the robotics division of Swiss engineering firm ABB for $5.4 billion, further advancing SoftBank’s AI footprint.
The deal, which is subject to regulatory approval globally, means ABB will no longer look to spin off its robotics business as a separately listed company.
“SoftBank’s next frontier is Physical AI. Together with ABB Robotics, we will unite world-class technology and talent under our shared vision to fuse Artificial Super Intelligence and robotics — driving a groundbreaking evolution that will propel humanity forward,” Masayoshi Son, founder of SoftBank, said in a statement.
Artificial Super Intelligence, or ASI, is Son’s idea of AI that is 10,000 times smarter than humans.
Son has looked to position SoftBank at the center of the potential AI boom through investments and acquisitions in different areas of technology. SoftBank owns chip designer Arm, for example, and has a major stake in OpenAI.
SoftBank-owned British chip designer Graphcore is also planning to invest $1.3 billion in India, including a new research hub, Bloomberg reported early Thursday.
The plans are expected to be announced during British Prime Minister Keir Starmer’s visit to India this week. He will be accompanied by a business delegation, the report said, citing sources familiar with the matter.
Japan’s benchmark Nikkei 225
In Hong Kong, shares of Hang Seng Bankskyrocketed above 26% after HSBCproposed Thursday to take it private, valuing the bank at more than 290 billion Hong Kong dollars ($37 billion).
HSBC has asked Hang Seng Bank’s board to put forward a privatization proposal to shareholders via a scheme of arrangement under Hong Kong’s Companies Ordinance.
Shares in Hang Seng Bank would be canceled in exchange for 155 Hong Kong dollars apiece. HSBC owns around 63% of Hang Seng Bank, pegging the deal value at HK$106 billion.
Meanwhile, Hong Kong-listed shares of HSBC retreated more than 6%.
The Hang Seng Index
Mainland China’s CSI 300 jumped 1.48% to close at 4,709.48, after coming back from a bumper holiday period. The raw materials sector led gains on the index, with shares of Tongling Nonferrous MetalsDongfang Electric
This comes after China’s Ministry of Commerce announced Thursday that it was tightening export controls on rare earths and related technologies.
Foreign entities must now obtain a license from Beijing to export any products containing over 0.1% of domestically-sourced rare earths, or manufactured using China’s extraction, refining, magnet-making or recycling technology.
The ministry also barred its citizens from participating in unauthorized mining overseas.
Australia’s ASX/S&P 200 advanced 0.25% to close at 8,969.8.
South Korean markets are closed for a holiday.
U.S. equity futures were little changed in early Asian hours after the S&P 500
Overnight, the broad index S&P 500 climbed 0.58% to close at 6,753.72, notching its eighth winning day of the last nine. Gains on the index were led by the information technology, utilities and industrials sectors, which notched fresh closing highs.
The Nasdaq Composite rose 1.12% to finish at 23,043.38. That’s the first time the technology-heavy index has closed above the 23,000 mark.
However, the Dow Jones Industrial Average fell 1.20 points to end the day at 46,601.78.
— CNBC’s Anniek Bao, Lee Ying Shan, Arjun Kharpal, Alex Harring, Sean Conlon and Sarah Min contributed to this report.
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