Big Tech profits get $160bn boost from gains on stakes in other AI companies

FT analysis shows Amazon, Microsoft, Google and others booked roughly $160bn in unrealized gains over the past two years from equity stakes in AI startups like Anthropic. The gains reflect rising valuations of investees, not operating income. The full article is paywalled, so per-company breakdowns and accounting treatments aren't disclosed. Worth flagging: these are paper gains with no cash impact, and they reverse if valuations drop.