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CNBC AI · 2026/8/3 22:48:18

Big Tech's Anthropic and OpenAI stakes are distorting the corporate earnings picture
AI 中文解读
科技巨头靠AI公司股权大赚了一笔,但这份“意外之财”可能误导投资者对财报的判断。微软、亚马逊和谷歌母公司Alphabet最新一季的财报都很好看,但拆开看会发现,里面有一大块利润并非来自主营业务,而是来自他们持有的AI独角兽公司——比如Anthropic和OpenAI——的股权增值。说白了,这就是账面上的“纸上富贵”,不代表公司真实赚钱能力变强了。
数据最能说明问题:标准普尔500指数公司最新一季度盈利同比增长超48%,但若剔除这些投资增益,真实增速其实只有29%。两者差距不小,说明科技巨头财报的“含金量”没有表面看起来那么高。对普通人来说,这事提示我们看企业新闻或投资时,别只盯着“盈利大涨”的标题,得留个心眼看看增长到底来自业务本身,还是靠投资副业撑场面。
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TechBig Tech's Anthropic and OpenAI stakes are distorting the corporate earnings picture Published Mon, Aug 3 20265:53 PM EDTUpdated 5 Hours AgoKate Rooney@Kr00neyWATCH LIVEKey PointsWhen stripping out Big Tech's investment gains from private AI companies, the earnings story is a lot less bullish.Microsoft, Amazon and Alphabet booked sizable investment gains in the most recent quarter thanks to stakes in Anthropic and OpenAI, and in one case, SpaceX. But those gains are on paper and don't reflect the underlying growth of the business.The S&P 500's earnings growth in the most recent quarter topped 48% from a year ago, according to LSEG. Setting aside those investment gains, growth was closer to 29%.India Prime Minister Narendra Modi, left, with OpenAI CEO Sam Altman, center, and Anthropic CEO Dario Amodei at the AI Impact Summit in New Delhi on Feb. 19, 2026.Ludovic Marin | Afp | Getty ImagesTech companies' venture capital portfolios are making corporate profits look a lot stronger than they really are. Microsoft, Amazon and Alphabet booked sizable investment gains in the most recent quarter thanks to stakes in Anthropic and OpenAI, and in one case, SpaceX. Anthropic and OpenAI have both seen soaring valuations in private markets, with each valued just south of $1 trillion amid the ongoing AI boom. Microsoft and Amazon are private shareholders in those companies, while Google has a stake in Anthropic. As a result, they need to account for an increase in the value of their stakes in quarterly income statements. But that doesn't reflect profits generated by selling software, or other services.These gains in private investments across a handful of companies has already had an outsized impact on overall earnings growth, according to LSEG.Earnings growth for the S&P 500 in the most recent quarter is up around 48% from a year ago, according to Tajinder Dhillon, LSEG's head of earn
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