Alphabet's $112B Q2 net income driven by $99B paper gain
The paper gains came from Anthropic and SpaceX stakes.
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Users highlight Alphabet's investment gains from Anthropic and SpaceX as proof that smart capital allocation serves as a powerful competitive advantage in AI beyond just shipping models.
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at least so far on paper google has made more money investing in anthropic, & spacex (other ai companies) than it has through its own ai adventures. i am not talking about second order effects of preserving search etc (obviously those are much more important). that's kinda crazy to think about.
Lol at $112.1B in net income. This number has long been a joke and is now just farcical in the Age of AI. Paper gains on investments, which, even if realized one day, have zero to do with the actual underlying business on a quarterly basis. Moment in time mark-ups. So silly. https://spyglass.org/buyer-beware-big-tech-gains-and-losses-boosted-by-big-ai/
Alphabet reports YouTube's Q2 ad revenue rose 13% YoY to $11.06B, vs. $10.8B est., and Google's ad revenue reached $81.63B, up from $71.34B in Q2 2025 (@xpangler / Variety) (Visit Techmeme dot com for the link and full context!)
@signulll Well yes, Google Ventures has always been one of the best investing “firms.” Google is a tech ETF (search, ads. Self driving, quantum, chips, cloud, AI) + “VC fund.”
@signulll Can you believe that there's more than one way to skin a cat when it comes to profiting off AI, & that making strategic investments and intertwining your business with their's is an established practice called "zaibatsu" in Japanese and "chaebol" in Korean?
@signulll Their ventures are hyper focused on maximizing existing footholds with their own AI. YouTube now supports near universal translation and dubbing with great fidelity to the source -and it's getting better. Everyone's universe of YouTube content (and time sunk) has grown profoundly
@signulll im sure they have patent ties as well
@signulll I also remember when Goog invested in Uber (who was busy buying much of CMU's robotics dept for their in-house AV program). And look what happened.
@mgsiegler Equity research analysis will adjust for this....but the argument could be made that Google's investment portfolio is another leg of its business.
@signulll Nobody talks about Google's operating cash flow accelerating from 32% YoY growth last quarter to 40% this quarter?
@signulll surprising indeed, but why they dont wanna up their Ai initiatives? when they’ve got bread to
@signulll Is buying GOOG like buying an ETF?
@signulll That’s one of those startup paradoxes: strategic investments can outperform your core bets, at least on paper.
@signulll the corporate version of 'i just hope both teams have fun'
@signulll What happens when those paper marks go the other way lmfao
@signulll Wild that those Anthropic and SpaceX stakes are generating more paper profit than Alphabet's own AI. Makes me wonder if they rebalance or let them ride.
@signulll It's a reminder that winning in AI isn't only about shipping models. Capital allocation can be just as powerful a competitive advantage.
@signulll so google is green +100B and the stock is flat? lol