SoftBank Group has reported a profit of 421.8 billion yen (US$2.9 billion) for the April-June quarter, a significant turnaround from losses experienced the previous year. This resurgence is attributed to the company's strategic investments in artificial intelligence (AI). The technology conglomerate's quarterly sales saw a 7% increase, reaching 1.8 trillion yen (US$12 billion).
Masayoshi Son, SoftBank's founder, has expressed strong confidence in the future of AI, with the company making substantial investments in AI-driven companies like Nvidia and OpenAI. SoftBank's investment portfolio also includes Arm Holdings and Taiwan Semiconductor Manufacturing Co, both of which are benefiting from the expansion of AI. SoftBank's market value has increased by over $65 billion in the past four months, driven by the boom in AI.
Beyond AI, SoftBank's other investments, such as Coupang, have yielded positive results. The company is also progressing with an IPO for PayPay, a cashless payment system. SoftBank's stock finished 1.3% higher on the Tokyo Stock Exchange following the earnings announcement.
