On November 10, SoftBank reported its first net loss in nearly two years, as market concerns over spending and demand in the artificial intelligence sector weighed on the major holdings of the technology investment giant. SoftBank recorded a loss of ¥1.12 trillion (about $7.1 billion) in its second fiscal quarter—a sharp reversal from a profit in the same period a year earlier. Declines in the share prices of chipmakers Arm and Intel, as well as South Korean e-commerce giant Coupang, dragged down overall performance. The Vision Fund unit, which manages equity stakes in hundreds of technology startups, posted a loss of ¥81.6 billion. SoftBank is increasingly seen as a bellwether for sentiment toward OpenAI and the broader AI sector. Since hitting a record high in June, its share price has fallen more than 50%, driven both by market concerns about its borrowing to fund large-scale AI investments and by worries that a sweeping Democratic victory in the U.S. midterm elections could stall many of Masayoshi Son's projects.