Big Tech’s Anthropic and OpenAI stakes are distorting the corporate earnings picture

Major technology firms including Microsoft, Amazon, and Alphabet recorded substantial increases in quarterly earnings that were substantially driven by appreciation in their stakes in artificial intelligence companies, according to market analysis.
Amazon, Microsoft, and Alphabet each hold significant investments in privately-held AI firms that have experienced rapid valuation growth. Amazon committed $50 billion to OpenAI in late February and maintains an early investor position in Anthropic.