SoftBank Group's shares surged between 10% and 14% during Tokyo trading on June 1, 2026, lifting its market capitalization above Toyota Motor's for the first time in more than two decades [1, 2, 3, 4]. SoftBank's market value reached approximately ¥47.2 trillion (US$296 billion), surpassing Toyota's valuation of about ¥45.7 trillion to ¥46 trillion [1, 2, 3]. Toyota shares fell around 4.8% to 4.9% on the same day, continuing a year-to-date decline of over 10% [1, 2, 3, 4].
The surge in SoftBank's stock reflects strong investor enthusiasm for its AI-related business prospects and portfolio companies. SoftBank's shares have gained 80% to 90% so far in 2026 amid excitement over artificial intelligence and potential US listings for investments including OpenAI and SB Energy [2, 3, 4]. Over the weekend before June 1, SoftBank pledged €75 billion (US$87 billion) over five years to build AI infrastructure in France [1, 4].
On June 3, Kioxia Holdings briefly overtook Toyota to become Japan's second-most valuable company due to a surge in demand for AI chips [5, 6]. Its shares rose as much as 7.2%, lifting market capitalization above ¥45 trillion (US$281 billion) at one point [6]. Kioxia, spun off from Toshiba's memory chip unit in 2019, has gained over 660% in 2026 alone [6].
The movement at the top of Japan's corporate market reflects a shift away from traditional manufacturing toward tech and semiconductor companies amid the global AI boom [1, 6, 2, 3, 4]. On June 1, only 73 of 225 Nikkei stocks rose, with auto shares notably falling while IT firms rose 4.3% [1].
Maki Sawada, strategist at Nomura Securities, said, "Given the current expectations for expanding demand for AI servers, buying interest is spreading to AI-related stocks that had been lagging behind" [1]. Jumpei Tanaka, investment strategist at Pictet Asset Management Japan, noted the change could make Japan more attractive to global AI-focused investors [6]. Kazuhiro Sasaki, head of research at Phillip Securities Japan, called the shift "an epoch-making event" symbolizing the AI boom and a reshuffle of capital [4].
SoftBank last overtook Toyota during the peak of Japan's internet bubble in 2000 [2, 3, 4]. The company’s next major development will be its AI infrastructure investments in France over the coming five years.
