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As borrowing costs rise and investors grow increasingly concerned about whether large-scale AI investments can be sustained, SoftBank Group's market value could halve from its peak in June this year. On Thursday, SoftBank's shares fell as much as 6.7% intraday, bringing their cumulative decline to 50% from the all-time high set on June 2. Earnings reports from major U.S. technology companies failed to ease investors' concerns. Bond prices of U.S. cloud computing provider CoreWeave Inc. fell to levels reflecting credit distress, exposing financing risks across the industry and further intensifying market worries about global AI spending. Kazuyuki Muramatsu, head of investment management at Nagomi Capital, said: "As investors increasingly scrutinize the financial health of AI-related companies, SoftBank's vulnerability has become more pronounced. This is because the group's financial structure is highly dependent on leverage, and borrowing costs are also rising." He said that if global market sentiment toward AI growth prospects turns pessimistic, SoftBank Vision Fund could face valuation losses, which would in turn require SoftBank to pay a higher premium when raising funds in the future.