Softbank turns profitable in the first quarter, benefiting from bets on companies like Nvidia in the artificial intelligence field.

SoftBank Group turned losses into profits by the end of June quarter, boosted by gains from its holdings in NVIDIA and Coupang stocks, providing further support for founder Masayoshi Son's bet on artificial intelligence technology. SoftBank reported a net profit of 421.82 billion yen for the first quarter, well above the Bloomberg analysts' average estimate of 158.23 billion yen. The Vision Fund achieved a profit of 451.39 billion yen. Son is doubling down on his bet, hoping to seize the opportunity of the flourishing development in artificial intelligence hardware investments. As part of this strategy, SoftBank has been increasing its holdings in companies like NVIDIA and TSMC, while reducing some less relevant assets. SoftBank increased its stake in NVIDIA to over 3 billion dollars by the end of March, and NVIDIA's 46% increase in the three months ending in June benefited SoftBank as an investor.