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SoftBank’s Tech Boom Goes Bust—Again

Japan’s SoftBank is the epitome of the excesses that fueled the boom in technology stocks. With the market now cratering, the Japanese technology investor can’t avoid sharing tech stocks’ fate. Moreover, the real pain for the company—and its investors—may still be ahead.

SoftBank on Thursday reported a loss of around 1.71 trillion yen, the equivalent of $13.2 billion, for the fiscal year ending in March—the company’s biggest-ever loss in its four decades of existence. That’s a sharp reversal from the nearly ¥5 trillion record net profit for the previous fiscal year.