SoftBank profit jumps, emboldens Son to bet more on OpenAI

SoftBank Group has reported a surge in quarterly profit due to valuation gains on its OpenAI investment, boosting confidence at the Japanese company to bet even more on the ChatGPT-maker. The gains on OpenAI outweighed lackluster investment gains elsewhere in the Tokyo-based technology group's portfolio while war in the Middle East roiled markets. That points to growing reliance on the U.S. startup, which faces rising competition from Anthropic and Google and is reportedly trailing its highest internal targets. SoftBank earned a net income of ¥1.83 trillion ($11.6 billion) in its fiscal fourth quarter, compared with the average analyst estimate of ¥295.2 billion. The profit could be attributed entirely to its booking $25 billion in valuation gains on OpenAI in the quarter, according to Bloomberg Intelligence analyst Kirk Boodry. In a time of both misinformation and too much information, quality journalism is more crucial than ever.