SoftBank plunges 11.2% as AI safety concerns weigh on Asian shares

  • SoftBank Group shares fell after Sam Altman supported calls to slow AI development for safety.
  • Brent crude rose 3.2% to $107.94 per barrel, while U.S. crude reached $103.26.
  • OpenAI said it would not pursue an initial public offering this year, according to Altman.

Asian shares were mixed Monday as SoftBank Group fell 11.2% after OpenAI CEO Sam Altman supported Anthropic CEO Dario Amodei’s calls to slow AI development for safety. Altman also said OpenAI would not pursue an initial public stock offering this year as it focuses on safety. OpenAI and Anthropic remain private companies but are expected to list in the months ahead. Oil prices climbed 3.2% as Saudi Arabia shut a major pipeline used to bypass the Strait of Hormuz after it was attacked, while U.S.-Iran tensions and attacks by Iran-backed Houthi rebels raised concerns about supplies. Investors also tracked this week’s Federal Reserve meeting, inflation above the Fed’s 2% target, rising government debt and higher Treasury yields.

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