Japanese giant SoftBank on Tuesday posted a $19 billion gain on its Vision Fund in its fiscal second quarter ended Sept. 30.

The broader Vision Fund segment factors in non-investment performance such as administrative expenses and gains and losses attributable to third-party investors. The value of the fund had risen $4.8 billion in the company’s fiscal first quarter.

Here’s how SoftBank fared in the fiscal second quarter:

• Profit hit 2.502 trillion yen in the quarter, versus 206.89 billion yen expected, according to LSEG consensus estimates. It also compares to 1.18 trillion yen net profit a year earlier.
• Revenue hit 1.92 trillion in the quarter, compared to an LSEG estimate of 1.9 trillion yen.

Softbank is ploughing ahead with its push into artificial intelligence, investing and acquiring firms that will bolster its presence in robots and Artificial Super Intelligence (ASI).

The Japanese conglomerate’s stock has slumped in the past week as concerns of an AI bubble sent jitters through global markets. Nearly $50 billion in market cap was wiped out from the stock last week, marking its worst weekly loss since March 2020. However, shares are up over 140% this year as its tech investment arm has showed signs of recovery.

Last month Softbank reportedly approved its final tranche of funding to complete its $30 billion investment in OpenAI. The Japanese firm’s investment in the ChatGPT maker came with a caveat — that its total investment could be slashed to as low as $20 billion if OpenAI didn’t restructure into a for-profit entity by Dec. 31.

The AI startup recently completed its recapitalization, cementing its structure as a nonprofit with a controlling stake in its for-profit business, which is now a public benefit corporation called OpenAI Group PBC.

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