Masayoshi Son, known for risky investments, has bet big on OpenAI, pouring $34 billion with plans for $30 billion more. SoftBank swung to a $1.6 billion profit boosted by OpenAI returns, making $4.3 billion last quarter. Investors see SoftBank as a way to gain exposure to OpenAI’s expected $750 billion valuation.

SoftBank made $17 billion last year from OpenAI, with $4.3 billion last quarter. Its second Vision Fund gained $6.6 billion, offsetting losses from its first fund. SoftBank invests in the wider AI ecosystem, including chip-maker Arm, Ampere, Graphcore, and other AI-focused companies.

SoftBank is a leading investor in Stargate, a $500 billion initiative to scale AI infrastructure in the US. It’s also involved in Japan’s planned $550 billion investment in US AI. SoftBank bets big on AI in Japan, with Prime Minister Sanae Takaichi’s election boosting hopes for continued investments.

SoftBank nixed Nvidia and pared down T-Mobile investments to increase stake in OpenAI. It took out $27 billion in debt last quarter. Son, known for risky bets that don’t always pay off, is banking on OpenAI’s success amidst fears of an AI bubble. Jared Leto famously portrayed WeWork’s founder in a mini series.

Read more at Yahoo Finance: SoftBank’s All In on OpenAI and So Far It’s Paying Off