By Wednesday morning, the stock was down 4.0%. SoftBank said the loss included $3.7 billion in charges tied to changes in procurement plans for power-generation equipment intended for U.S. AI data-center projects.

Chief Financial Officer Yoshimitsu Goto said SoftBank had moved quickly to secure equipment that was scarce in a nascent industry. The company now needs to assess whether what it secured is the best choice, he said. SoftBank did not provide further details on the charges in its earnings report. The Wall Street Journal reported that the company had ordered so many power-plant turbines that it held reservations for far more than it could use.

Lower valuations at companies including e-commerce firm Coupang also weighed on quarterly investment results. Goto said this was not the time for aggressive investment, citing steep stock-market declines and widening credit spreads.

Macquarie analysts said SoftBank’s exposure to AI across automation, software, data centers and semiconductors has made the stock more sensitive to volatility and a pullback in AI-related equities. They said structural AI demand and the company’s balance-sheet resilience remain longer-term supports. SoftBank shares have fallen by more than half from their June peak. They were down 12% year to date through Tuesday, after rising 92% in 2025.