Japanese conglomerate SoftBank has become the most valuable listed company on the Tokyo Stock Exchange, ending Toyota Motor’s 22-year reign at the top.

Driven by growing investor enthusiasm for artificial intelligence, SoftBank shares surged more than 14% on Monday to a record high, pushing the group’s market capitalization to 48.8 trillion yen, or approximately $301 billion.

Toyota, whose market value stands at 45.9 trillion yen, had held the top spot since December 2003, when it surpassed NTT Docomo.

SoftBank’s remarkable rise has been fueled by its exposure to the AI sector through investments in OpenAI, the company behind ChatGPT, and chip designer Arm.

Since the beginning of the year, SoftBank shares have gained more than 90%, while Toyota’s stock has fallen by over 10%.

The shift underscores the growing influence of artificial intelligence-related companies in global financial markets, as technology firms increasingly challenge traditional industrial giants for investor attention and market value.