SoftBank Buys Foxconn's Ohio Plant To Advance $500 Bln Stargate Project

(RTTNews) - SoftBank Group Corp (SFTBY.PK), Friday announced it is set to acquire Foxconn Technology Group's electric vehicle plant in Ohio to support its ambitious Stargate data center initiative, Bloomberg News reported.

The Japanese conglomerate, alongside OpenAI and Oracle, plans to invest up to $500 billion in artificial intelligence infrastructure across the U.S., a project announced by former President Donald Trump in January.

Facing challenges in securing a financial framework for Stargate, SoftBank reportedly approached Foxconn to partner in building data centers and related infrastructure nationwide. This collaboration led to the sale of the Ohio facility, which may be converted into a major data center hub.

SFTBY is currently trading at $46.99, up $3.66 or 8.45 percent on the OTC Markets.