SoftBank Group overtook Toyota Motor as Japan’s most valuable company, as AI gains propelled the technology group ahead of the country’s largest automaker.

SoftBank shares rose 14% in Tokyo trading on Monday, taking its market value above JPY48 trillion ($306 billion), past Toyota’s nearly JPY46 trillion.

Bloomberg noted the shift marks the first time in more than two decades SoftBank moved ahead of Toyota on market value including treasury shares. According to the publication, SoftBank last briefly held the position during Japan’s internet bubble in 2000.

The move caps a sharp run for SoftBank, with its shares up more than 90% this year. Toyota has moved the other way, falling more than 10% as automakers face rising fuel costs and the expensive shift to electric vehicles and software-led platforms.

Meanwhile, SoftBank’s gains have been buoyed by ambitious bets on OpenAI; the company has committed close to $65 billion to OpenAI to date, giving it a projected stake of about 13% by October.

Earlier this year, OpenAI and SoftBank also jointly invested $1 billion in US digital infrastructure company SB Energy, which will build and operate a 1.2GW data centre for OpenAI in Texas. The trio are working to develop a new model for data centre builds, tied to the broader $500 billion US-led Stargate initiative focussed on AI and energy infrastructure.

SoftBank also announced an investment of up to €75 billion in AI data centre infrastructure in France earlier today (1 June), adding it will work with SB Energy and other strategic partners to deliver the projects.

Kazuhiro Sasaki, head of research at Phillip Securities Japan, told Bloomberg: “This epoch-making event symbolises the AI boom.”

Meanwhile, Tomo Kinoshita, global market strategist at Invesco Asset Management Japan, told the publication SoftBank had “concentrated its management resources on AI-related businesses” and “successfully ridden the broader global tech rally”.

For Toyota, higher oil prices linked to conflict in the Middle East also added to pressure on global auto demand, he noted.

“Over the longer term, AI-related companies are likely to command higher valuations,” Kinoshita added.

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Qualcomm CEO Cristiano Amon used his keynote at the annual Computex event in Taiwan to stake the company’s claim in the next phase of AI, arguing the technology will reshape demand for compute across devices, networks and data centres.

Amon described 2026 as the “year of the agent”, stating AI is moving from prompt-based interactions to autonomous systems capable of planning, reasoning and acting across smartphones, PCs, cars, robots and industrial equipment.

“Agents are not coming in the future. They’re already here,” he said, adding the shift is “changing a lot of the compute” and could generate “a lot of demand for new classes of devices and computing”, creating “one of the largest” upgrade cycles the industry has seen.

Amon said the smartphone will no longer sit alone at the nexus of the digital ecosystem. “Agents become the centre of your digital experience,” he stated, adding devices will increasingly become “endpoints for agents”.

Compute continuum
To this end, the executive laid out Qualcomm’s ambition to support the AI infrastructure transition. Amon pointed to the need for CPUs, GPUs, NPUs and connectivity designed to support AI workloads both on devices and in the cloud, stating the company can help scale AI compute from “sub-2 milliwatts” in devices such as earbuds to kilowatt-level systems in data centres.

He also stressed the engineering challenge around battery life and latency, noting devices must be able to support complex planning, reasoning and coordination. “I cannot emphasise enough the importance of power,” he said.

In addition, Amon framed 6G as a key part of the future AI architecture, noting it is the first wireless generation designed as an AI-native network connecting distributed, hybrid intelligence across devices and data centres.

During the event, the chief also unveiled Dragonfly, Qualcomm’s new data centre brand aimed at inference workloads. He said Qualcomm is already working with hyperscalers and global partners on deployments, adding the fresh brand will allow its portfolio to span “every single tier of the compute continuum”.

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