RIYADH: Japan"s SoftBank, backed by the Saudi Public Investment Fund was among the most significant victims of the tech stock sell-off across Asia on Thursday, Bloomberg reported. Investors turned on billionaire Masayoshi Son"s company as the tightening phase of central bank policies unfolded. The stock dropped as much as 9.8 percent in Tokyo, the most since March 2020, as Nasdaq futures tumbled and shares of the firm’s biggest investment, Alibaba Group, dropped in Hong Kong. Hawkish signals from Federal Reserve Chair Jerome Powell led investors to bet against technology companies, which have powered much of the recent growth in global markets: something SoftBank has been gambling on with its Vision Funds of speculative tech bets. “SoftBank is a poster child of a firm highly leveraged to the current asset bubbles,” wrote Amir Anvarzadeh, senior strategist at Asymmetric Advisors Pte, who recommends shorting the stock. “This latest lurch down in its value could add further pressure on its financing structure.” Shares in SoftBank traded at their lowest level since May 2020, with reports that a planned sale of its Arm chip unit to Nvidia was likely to fall through also weighing on the stock. Analysts pointed out that the failure of the deal may lead to a credit downgrade.