Japan’s SoftBank Sees Better Fortunes On Surging AI Stocks

Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April–June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence (AI), Yuri Kageyama reported for the Associated Press (AP).

Some of SoftBank’s other investments have also paid off significantly. (Photo: ソフトバンク（SoftBank) Facebook)

Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and OpenAI, rose 7% to 1.8 trillion yen ($12 billion), the company said.

SoftBank’s loss in April–June 2024 was 174 billion yen. The company’s fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a strategy that carries risks.

The group’s founder, Masayoshi Son, has emphasized that he sees a vibrant future in AI.

SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. (TSMC). Both companies, which produce computer chips, have benefited from the growth of AI.

“The era is definitely AI, and we are focused on AI,” SoftBank senior executive Yoshimitsu Goto told reporters. “An investment company goes through its ups and downs, but we are recently seeing steady growth.”

Some of SoftBank’s other investments have also paid off significantly. One example is Coupang, an e-commerce company known as the “Amazon of South Korea” because it started in Seoul. Coupang now operates in the U.S. and other Asian nations.