SoftBank made a net profits of $2.9bn in its first quarter boosted by its investment in Nvidia as Masayoshi Son’s technology group ploughs billions into artificial intelligence companies.
The Tokyo-based tech conglomerate reported net income of ￥422bn ($2.9bn) in its fiscal first quarter ending in June, beating analysts’ expectations of closer to ￥128bn, according to LSEG data.
Son has been aggressively investing in AI and has built a web of partnerships and capital stakes in companies developing the technology. It has raised its stake in Nvidia to about $3bn and also invested in the world’s biggest chipmaker, TSMC, and database giant Oracle. Nvidia’s share price has risen almost 30 per cent since the beginning of the year.
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