SoftBank Profit Doubles After ByteDance, Didi Values Surge
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SoftBank Group Corp.’s profit soared 124% after valuations of tech startups like ByteDance Ltd. rose, in a boost for the Japanese company’s aggressive data center investment plans.
SoftBank, which on Tuesday reaffirmed plans to invest up to $30 billion in ChatGPT-owner OpenAI, reported net income of ¥517.18 billion ($3.5 billion) in its fiscal fourth quarter. That was helped by the Vision Fund, which swung to a profit of ¥26.1 billion thanks to gains in investees such as ByteDance and China’s Didi Global Inc.