Alphabet and Amazon: over 60% of net income came from AI investment gains
sarahbmyers · x · 2026-09-29
NYT reports on the circular nature of the AI boom: Big Tech profits increasingly come from unrealized investment gains.
- Over 70% of Alphabet's net quarterly income came from investments, especially SpaceX (which IPO'd in June in the biggest IPO ever)
- 65% of Amazon's net income stemmed from investment gains, largely its Anthropic stake (Anthropic also plans to go public)
- Satori Insights' Matt King: "What's funding A.I. is now increasingly more A.I."
- sarahbmyers flags the vulnerability: unrealized gains inflate profits and could reverse if the investments lose value
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