The Nikkei index crossed 67,000 points for the first time, fueled by a surge in artificial-intelligence-related stocks that pushed SoftBank Group to the top of Japan’s corporate rankings. The milestone came as investors piled into companies seen as key players in the global AI boom, with SoftBank’s heavy bets on chipmakers and AI startups vaulting it past longtime leaders like Toyota.
AI-fueled rally pushes Nikkei past 67,000
Japan’s benchmark index broke the 67,000 barrier on Wednesday, extending a run that has been dominated by technology and AI-linked shares. The rally has been broad in name only — most of the gains have come from a handful of companies, with SoftBank alone accounting for a big slice of the index’s upward move. Analysts tracking the market said the surge reflects a global appetite for AI exposure, but they also warned that such concentration makes the Nikkei more vulnerable to a single-sector downturn.
SoftBank surges to top of Japanese market cap
SoftBank Group is now Japan’s most valuable publicly traded company, a title it last held during the dot-com era. The conglomerate’s valuation has been lifted by its massive stake in British chip designer Arm Holdings and a string of investments in generative AI firms. SoftBank’s founder Masayoshi Son has been publicly pushing a “super AI” vision, and the market is betting that bet will pay off. But the company’s fortunes remain tightly tied to Arm’s stock performance and the broader appetite for speculative tech plays.
Volatility concerns linger as AI stocks dominate
Investors are watching whether the AI-driven run can sustain itself or whether it’s setting up a sharp correction. SoftBank’s rise has made the Nikkei more dependent on the fate of a single company, and its stock is known for wild swings. Some fund managers have started trimming positions in Japanese tech names, rotating into sectors like banking and industrials that have lagged behind. The question now is whether the broader market can catch up — or whether the rally will stay narrow until the next earnings season provides fresh catalysts.
