Shares of Japanese tech investor SoftBank fell on Friday after the corporate reported a report loss at its Imaginative and prescient Fund tech funding unit.

SoftBank shares closed 3.68% decrease in Tokyo.

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The corporate mentioned on Thursday that its Imaginative and prescient Fund phase misplaced a report 4.3 trillion Japanese yen ($32 billion) for its fiscal 12 months ending Mar. 31.

It reported a loss on investments at its Imaginative and prescient Funds of 5.28 trillion Japanese yen.

The $100 billion Imaginative and prescient Fund was launched in 2017 underneath the stewardship of SoftBank founder Masayoshi Son and shook up the tech investing world.

It invested in a few of the highest-profile tech corporations on this planet, however a few of these bets, corresponding to that on WeWork, turned bitter.

The Imaginative and prescient Fund, which additionally has publicity to Chinese language tech corporations, has additionally suffered from Beijing’s crackdown on the home tech sector and subsequent plunge in share costs. SoftBank mentioned Thursday that it had logged losses on its funding in SenseTime, the Chinese language synthetic intelligence firm.

And whereas there was a restoration within the tech-heavy Nasdaq within the U.S. this 12 months to this point, over SoftBank’s fiscal 12 months — which ended on Mar. 31 — the index continues to be decrease. Tech shares have confronted headwinds from rate of interest rises world wide which have compelled buyers to maneuver out of riskier property corresponding to high-growth equities.

To climate the storm, SoftBank has been promoting down stakes in Alibaba, the Chinese language e-commerce large that made Son and SoftBank its fortune, in addition to U.S. ride-hailing firm Uber.

SoftBank’s administration pledged a 12 months in the past to enter “protection” mode and be extra disciplined of their funding technique. The tempo of investing has slowed down in latest months.

However the firm is now trying towards what it considers the subsequent funding alternative: synthetic intelligence.

“AI is lastly right here,” Yoshimitsu Goto, chief monetary officer at SoftBank mentioned at a press convention Thursday.

Goto questioned whether or not SoftBank ought to now transfer to “offense” mode.

“With these conditions ought to we simply hold in protection or ought to we hold a stability with offense?” Goto requested.

SoftBank can also be gearing up for the preliminary public providing of Arm, the British chipmaker it acquired in 2016. Arm has filed confidentially within the U.S. for an inventory. Goto mentioned the IPO course of was “going easily.”