SoftBank Group reported a fiscal first-quarter profit of 421.8 billion yen, beating estimates of 127.6 billion yen. The company’s Vision Funds rose $4.8 billion, with a profit of 451.4 billion yen. SoftBank has made big AI investments, leading a $40 billion round into OpenAI and waiting to close a $6.5 billion acquisition of Ampere Computing.

The rise in the value of SoftBank’s Vision Fund was aided by gains at companies like Grab and Swiggy. The company is a key player in the $500 billion Stargate project in the U.S., focusing on data centers and AI infrastructure. SoftBank’s annual profit was boosted by investments in Alibaba, T-Mobile, and Deutsche Telekom.

In the June quarter, SoftBank reported a 256.55 billion yen investment loss, mainly from selling T-Mobile and Alibaba shares. The company sold 13 million T-Mobile shares for $3 billion in August. Arm, majority-owned by SoftBank, contributed an 8.66 billion yen loss due to increased research and development expenses.

Read more at CNBC: SoftBank Vision Fund posts $4.8 billion gain to drive quarterly profit