Big tech giants booked a more than $160bn windfall last quarter from investments in other AI companies, flattering their earnings and raising concerns that paper gains are overstating the strength of the AI boom.
Alphabet, Amazon, Nvidia and Microsoft all reported substantial boosts to their pre-tax profits in their most recent results from the ‘other income’ line in their accounts, which largely comes from valuation gains on equity stakes in other leading AI companies.
These one-off valuation boosts, derived in large part from enthusiasm around AI, risk distorting the financial picture at a time when investors are closely scrutinising tech earnings to gauge the health of the AI ecosystem.
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