Nikkei Jumps 1.2% as Chip Stocks Rally, SoftBank Slips on Oracle

Japanese equities advanced on Friday, 25 September 2026, with the Nikkei and the broader Topix each up 1.2% at the midday break, according to investinglive.com. Tokyo Electron rose about 4% and Advantest gained circa 2.5%, together delivering the largest single contribution to the benchmark's advance. Ibiden added circa 5.5% after surging almost 15% in the prior session. SoftBank Group fell circa 2.5% after Oracle shares slipped overnight on a reported power-related delay at a New Mexico data centre project. Mainland China, South Korea and Taiwan were closed for holidays, leaving Tokyo as the region's main trading venue.

Context — why Tokyo traded alone on Friday

Three of Asia's largest equity markets were shut, which concentrates regional chip and AI flow into Tokyo's order books. That matters for price discovery: when China, Korea and Taiwan are absent, a given basket of semiconductor demand has fewer venues to express itself, so moves in names like Tokyo Electron and Advantest can be amplified relative to a full-participation session. The report notes that Friday's session offered a glimpse of how Tokyo trades when much of the region is absent.

The dividend calendar added a second, time-limited bid. Investors bought ahead of Monday's deadline to qualify for interim dividends, a mechanical flow that expires once the deadline passes. After that point, shares typically trade ex-dividend and lose that support. Strategists quoted in the report said the dividend deadline brought in buyers looking to secure payouts, but that demand for chip stocks was the bigger driver.

The macro backdrop has not turned hostile to Japanese equities. A firm Nikkei alongside a weak yen supports the reading that rate hikes are not yet hurting Japanese shares. One analyst cited in the report said clear signals from central banks in both the United States and Japan that they will raise rates to contain inflation had bolstered investor confidence in equities — a notable reading given the recent sell-off in global bond markets.

The trigger for the session's split performance was corporate rather than macro. Oracle issued a force majeure notice to a unit of Blue Owl, the developer of a large New Mexico data centre, citing possible delays in securing power for the project. SoftBank is a co-investor with Oracle and OpenAI in the Stargate AI infrastructure venture, leaving it exposed to signs of setbacks in the build-out.

Data — what the numbers show

The headline move was broad: Nikkei and Topix both +1.2% at the midday break. The dispersion underneath was wider. Tokyo Electron +4%, Advantest +2.5%, Ibiden +5.5% — the last following an almost 15% jump the previous day. Against that, SoftBank Group -2.5%.

Name	Move	Note
Nikkei	+1.2%	Midday break
Topix	+1.2%	Midday break
Tokyo Electron	~+4%	Top Nikkei contributor
Advantest	~+2.5%	Top Nikkei contributor
Ibiden	~+5.5%	After ~+15% prior session
SoftBank Group	~-2.5%	Oracle exposure

Oracle, the source of the SoftBank pressure, traded at $139.54, down 6.47% today, with an intraday range of $133.48 to $140.34 as of 03:29 UTC today. The weakness followed a report that Oracle had issued a force majeure notice to a unit of Blue Owl. SoftBank's decline is smaller than Oracle's, which is consistent with SoftBank holding indirect exposure through the Stargate venture rather than direct project ownership.

The chip equipment complex and the AI infrastructure financier diverged on the same news. Tokyo Electron and Advantest rose while SoftBank fell, meaning the market is treating the Oracle power delay as a problem for one company, not the whole sector. For chip equipment makers, the report notes the market is betting that such hurdles stretch the cycle out rather than cut it short.

Analysis — what it means for markets and tickers

Second-order effects run through the power constraint, not through chip demand. Power supply has emerged as a bottleneck for large data centre projects, and delays in securing energy can slow investment timelines even when demand remains strong. If that reading holds, equipment orders are deferred rather than cancelled — which is why Tokyo Electron, Advantest and component supplier Ibiden attracted bids while the project developer's co-investor did not.

The counter-argument is that one force majeure notice is a project-level event, and the report frames the market's current stance as treating it that way. Repeated energy bottlenecks across multiple projects would change that view quickly, because it would move the constraint from a single site to the build-out itself. That is the distinction between a delay and a derating, and it is not yet resolved.

Positioning reflects the split. Flow went into chip equipment and into shares bought for the interim dividend, and out of SoftBank. The dividend bid has a known expiry date — after Monday's deadline, shares typically go ex-dividend and lose that support — so part of Friday's index strength is mechanical rather than conviction-driven.

When Korean and Taiwanese markets reopen, they may catch up to Tokyo's chip gains or unwind them if sentiment turns. That reopening is the first real test of whether Tokyo's isolated rally was a genuine repricing or an artefact of thin regional participation. Mainland China will close again for the week-long National Day holiday from 1 October, while Tokyo stays open, so the asymmetry persists into next week.

Outlook — what to watch next

Three dated items sit ahead. Monday's deadline to qualify for interim dividends is the first: once it passes, the associated buying support typically disappears as shares go ex-dividend. The reopening of Korean and Taiwanese markets follows, and provides the first cross-check on Tokyo's chip gains. Mainland China's National Day closure runs from 1 October, keeping one major venue dark through the week.

On the corporate side, the Oracle situation is the live variable. The report does not say whether the force majeure notice has been resolved or how long the power delay might run, and Oracle has not disclosed the terms. Watch whether the power constraint appears in other large data centre projects — a second instance would test the market's current assumption that this is a single-company problem.

For the index, the 1.2% gain on both Nikkei and Topix is the reference level to hold after the dividend deadline passes. A firm Nikkei alongside a weak yen remains the combination that supports the view that rate hikes are not yet hurting Japanese equities.

Frequently Asked Questions

What does the Oracle power delay mean for SoftBank investors?

SoftBank is a co-investor with Oracle and OpenAI in the Stargate AI infrastructure venture, so it carries indirect exposure to setbacks in that build-out. SoftBank fell circa 2.5% while Oracle dropped 6.47%. The gap suggests the market is pricing SoftBank's stake as partial rather than direct exposure to the New Mexico project. Oracle has not disclosed the terms of the force majeure notice.

Why did Japanese chip stocks rise while Oracle fell?

The market is treating the power delay as a problem for one company rather than the whole sector. For chip equipment makers such as Tokyo Electron and Advantest, the market is betting that such hurdles stretch the cycle out rather than cut it short, meaning orders are deferred rather than cancelled. That view held on Friday, but repeated energy bottlenecks could change it quickly.