SoftBank Group shares rose Friday morning in Tokyo after chip designer Arm surged in its Nasdaq debut overnight, raising hopes for a recovery in the IPO market.
The British chip designer's stock closed up 25% from its initial public offering price of $63.59 on Thursday in New York. SoftBank's tech funds have stakes in hundreds of private companies. The company recently said it wants to renew its push for large-scale investments in artificial intelligence.