SoftBank shares dive after Nvidia sale puts AI valuations in spotlight – business live

Rolling coverage of the latest economic and financial news, as investors ponder AI valuations and SoftBank’s growing funding demands for OpenAIFans of large, round numbers are getting excited as Britain’s stock market hits a new record high at the start of trading.The FTSE 100, which closed at a new peak last night, gained 28 points or almost 0.3%, in early trading to 9,928 points.“Investors have faced considerable uncertainty this year and many have looked away from the US for opportunities. They’ve focused on cheaper areas of the market, of which the UK is one. We’ve seen increased interest from foreign investors looking to diversify their holdings and the FTSE 100 has also shone during the more tumultuous periods thanks to its plethora of defensive-style companies.“When everything looks gloomy or chaotic, such as in the depths of the Liberation Day fallout earlier this year, investors often seek solace in companies whose goods and services should be in demand no matter what’s happening in the world. For example, we all need to pay insurance or water bills, or nicotine addicts will still buy cigarettes or vapes, and the FTSE 100 has plenty of these companies on offer.“We’re seeing one-sided, rapid currency moves of late.The government is watching for any excessive and disorderly moves with a high sense of urgency.”The reopening of the U.S. government has been a bittersweet elixir for the greenback.On one hand, risk is back on — stocks have caught a second wind, buybacks are flowing, and high-beta FX like AUD are catching the same tailwinds that power stocks. On the other hand, the same optimism that revives equity appetite also reawakens the yen’s old nemesis: carry. Continue reading...

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