TOKYO (AP) -- Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence.

Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and Open AI, rose 7% to 1.8 trillion yen ($12 billion), the company said Thursday.

SoftBank's loss in April-June 2024 was 174 billion yen.

The company's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks.

The group's founder Masayoshi Son has emphasized that he sees a vibrant future in AI.

SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI.

"The era is definitely AI, and we are focused on AI," SoftBank senior executive Yoshimitsu Goto he told reporters. "An investment company goes through its ups and downs, but we are recently seeing steady growth."

Some of SoftBank's other investments also have paid off big. An example is Coupang, an e-commerce company known as the "Amazon of South Korea," because it started out in Seoul. Coupang now operates in the U.S. and other Asian nations.

Goto said preparations for an IPO for PayPay, a kind of cashless payment system, were going well.

The company has already held IPOs for Chime, a U.S. "neobank" that provides banking services for low-credit consumers, and for Etoro, a personal investment platform.

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