FT: Big Tech Q2 'Other Income' From AI Stakes Tops $160B, Alphabet Alone at $97.9B

The FT reports Alphabet, Amazon, Nvidia and Microsoft collectively booked more than $160B in 'other income' during Q2 2026, driven by mark-to-market gains on their private AI-company stakes. Alphabet led with $97.9B and Amazon with $53.4B in the quarter ending June 30, more than doubling the prior quarter's combined $69B. Analysts warn the paper gains — anchored by SpaceX's $1.77T June IPO and Anthropic's ~$965B valuation — are inflating headline earnings independent of operating performance.