SoftBank Profit Jumps After Emboldened Son Bets More on OpenAI

SoftBank Group Corp. 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 US startup, which faces rising competition from Anthropic PBC and Google and is reportedlytrailing 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 ...