This earnings season, Big Tech didn’t just make money by selling cloud services, software and advertising. It also made billions because some of the company holdings sitting in its investment portfolio — such as Anthropic and Space Exploration Technologies Corp. (NASDAQ:SPCX) — became significantly more valuable.
That marks an important shift for investors. Alongside businesses like Google Search, AWS and Microsoft Azure, private AI investments are beginning to play a meaningful role in the earnings of some of the world’s largest public companies.
