Japanese investment holding company SoftBank Group (OTC:SFTBF) (OTC:SFTBY) reported first-quarter results on Thursday. The company reported quarterly net sales of 1.82 trillion Japanese yen ($12.54 billion),

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.