Masayoshi Son's SoftBank Group Corp. appears to be turning a corner, poised for a robust quarter with a forecasted net income of ¥373 billion ($2.5 billion) for the last three months of 2023, primarily driven by gains in its stake in T-Mobile USA Inc. and surging valuations of startups in its Vision Fund. The Vision Fund is expected to report its largest profit since June 2021, a significant achievement for the Tokyo-based investment firm. Son's strategic investment in Arm Holdings Plc has been particularly fruitful, with the chip designer's shares soaring over 40% since its IPO in New York.

Although these gains won't directly impact SoftBank's income statement due to accounting rules, they significantly bolster the firm's net asset value (NAV), reaching its highest point in almost two years, surpassing $121 billion. Despite these positive developments, SoftBank faces scrutiny over its vast portfolio of privately-held startups within its Vision Funds. The second Vision Fund, funded by SoftBank and Son personally, has encountered losses amid a challenging tech market.