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STORY: Japan's investment giant SoftBank reported a record loss on Thursday (May 12)

- as rising interest rates and political instability take the shine off tech stocks.

Its Vision Fund investment unit has taken a hit of over $26 billion.

It's a stark contrast to just a year earlier, when SoftBank posted record annual profit.

Founder and CEO Masayoshi Son has described SoftBank as a goose laying golden eggs.

But his strategy of targeting riskier, high-growth stocks is increasingly under scrutiny,

as investors question tech's path to profitability.

E-commerce firm Coupang is trading 70% below its listing price.

One of many former high-flyers that tumbled during the first quarter.

Son said Softbank now needs to go on the defensive by improving its cash position.

Vision Fund is currently slowing its pace of investment as private prices lag the fall in public markets.

SoftBank group's annual net loss was more than $13 billion.