SoftBank profit doubles as AI demand boosts chip sales and startup valuations

SoftBank Group reported a 124% jump in quarterly profit on resilient AI demand that's supporting startup valuations and chip unit sales, a boost to its aggressive data center investment plans. The Tokyo-based company reported net income of 517.18 billion ( 3.5 billion) in its fiscal fourth quarter. It was helped by the Vision Fund, which swung to a profit of 26.1 billion. The earnings come at a critical juncture for SoftBank as it plans to invest 30 billion in OpenAI while leading a 100 billion foray into building AI hardware in the U.S. Maintaining a healthy cash flow and balance sheet is key to securing the billions of dollars needed at minimum cost.