SoftBank made a net profit of $2.9bn in its first quarter boosted by its investment in Nvidia as Masayoshi Son’s technology group ploughs billions into artificial intelligence companies.

At the center of SoftBank’s AI strategy is Arm Holdings Plc, the UK-based chip designer with a 90% stake. Son is now crafting a portfolio of key industry players around Arm, aiming to regain ground after missing the historic AI-fueled rally that propelled Nvidia to a $4 trillion valuation and TSMC close to $1 trillion.

SoftBank Group Corp. swung to a profit in the June quarter, bolstered by gains in its holdings including Nvidia Corp. and Coupang Inc., in a boost for founder Masayoshi Son’s planned bets on artificial intelligence technologies.