SoftBank Group Corp on Wednesday swung to a loss of 369.16 billion yen ($2.4 billion) in the third quarter of FY24 as shares of some of its top portfolio companies declined sharply during the period.

SoftBank Group Corp. swung to losses for the December quarter due to a drop in the value of the Vision Fund’s public holdings, boding ill for founder Masayoshi Son who has to raise $500 billion for the Stargate artificial-intelligence project.

The Tokyo-based company reported a net loss of ¥369.2 billion ($2.4 billion) for the fiscal third quarter amid volatility in its Vision Fund unit.