SoftBank Group Corp. raised around $4.8 billion through a sale of T-Mobile US Inc. shares, a move that helps fund the Japanese company’s grandiose plans for artificial intelligence.

T-Mobile stock dropped following reports Japanese investment group SoftBank sold millions of the U.S. telecommunication giant’s shares.

SoftBank Group is looking to raise up to $4.9bn by selling shares in T-Mobile US through an unregistered overnight block sale, according to deal terms reviewed by Bloomberg News. The funds will support SoftBank's investments in AI,