Japanese technology investor SoftBank Group on Thursday booked a net profit of $2.87 billion in the first quarter, driven by gains among larger listed investments in its Vision Fund portfolio.

SoftBank Group ( OTCPK:SFTBY) ( OTCPK:SFTBF) said it is taking longer than expected to get the Stargate project off the ground, acknowledging for the first time that the $500B AI collaboration in the U.S. with OpenAI is slowing down,

The Japanese giant reported 421.8 billion yen ($2.87 billion) in the quarter ended June, versus 127.6 billion yen expected, according to LSEG consensus estimates. It is the second straight quarter of profit for SoftBank. The company reported a 174.28 billion yen loss in the same period last year.