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(Bloomberg) — SoftBank Group Corp., Panasonic Holdings and Hitachi Ltd. shares outperformed Wednesday after they were listed among companies interested in launching projects in the US during President Donald Trump’s visit to Tokyo.
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SoftBank’s stock climbed as much as 5.3%, with Panasonic gaining 5%, the most since Oct. 9, and Hitachi up as much as 4.4%. Electronic equipment makers Murata Manufacturing Co. and Mitsubishi Electric Corp. and cable maker Fujikura Ltd., which were also named in the US-Japan plans, climbed over 3.5%, outpacing the Nikkei 225 benchmark.
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The gains follow the release of a fact sheet from Japan’s Ministry of Economy, Trade and Industry naming companies that have expressed interest in artificial intelligence and energy-related investments in the US. Mitsubishi Electric may pledge up to $30 billion for power station systems, with SoftBank putting as much as $25 billion into large-scale power infrastructure, according to the document.
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The plans are a tailwind for Japanese companies’ shares as they’re likely to boost their position in US supply chains, wrote Citi Research analyst Takayuki Naito in a note. Murata already boasts a solid market share in AI server products, he said.
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Tie-ups with US companies have been a boon for Japanese firms this year — Hitachi’s stock jumped almost 10% after announcing a collaboration with OpenAI in early October. SoftBank shares have risen over 150% since it announced its involvement in the Stargate Project with US tech companies in January.
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However, Tuesday’s METI release “only lists companies that have expressed an interest in investing: no companies have made definitive decisions,” warned Citi analysts including Kota Ezawa in a separate report. The timeline of US investments remains vague, giving an “uncertain outlook,” they said.
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