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Fortune

Eva Roytburg

AI is forcing Big Tech to do something it's never done: Spend more than it earns, and Wall Street hates it

TO Google Alphabet Gil Luria Amazon Microsoft Anthropic DA Davidson Nvidia

Alphabet Inc. and Google CEO Sundar Pichai speaks during the inauguration of a Google Artificial Intelligence (AI) hub in Paris on February 15, 2024. ( (Credit: ALAIN JOCARD / AFP via Getty Images)

Alphabet made history in two ways on Wednesday.

First, it had its most-profitable quarter in corporate history. Reporting $112 billion in profit, that’s its first 12-figured quarterly profit in history. But 69% of that came from unrealized paper gains on its stakes in SpaceX and Anthropic, not the core business, and Wall Street looked straight through it.

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