Japan's SoftBank Group booked a surprise $2.4 billion quarterly loss on Wednesday, hit by a decline in the value of e-commerce platform Coupang and other tech companies held by its Vision Fund investment arm.

Japanese technology company SoftBank Group Corp. reported a 369.2 billion yen ($2.4 billion) loss for the fiscal third quarter as it racked up red ink from its Vision Fund investments.

SoftBank just took a $2.4 billion hit in its fiscal third quarter, sinking into losses as the Japanese tech giant prepares to throw billions into AI. The company, led by Masayoshi Son, reported the loss on Wednesday,

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.