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 Corp. said it’s taking longer than anticipated to get Stargate off the ground, conceding for the first time that the $500 billion artificial intelligence tie-up in the US with OpenAI is bogging down.

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,