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.

Japan's SoftBank Group Corp is looking to raise nearly $4.9 billion in an unregistered overnight block sale of T-Mobile shares, Bloomberg News reported on Monday. SoftBank is offering to sell 21.5 million shares for $224 to $228 each,