The analysis points out that the sharp increase in profits of some leading companies is largely dependent on book profits brought about by equity investment rather than substantial growth in core business, which makes it more difficult for investors to evaluate the actual operating conditions of enterprises. According to the data, up to 71% of Alphabet's profit last quarter came from “other revenue,” mainly due to a revaluation of its equity investments in startups such as SpaceX and Anthropic. Similarly, 66% of Amazon's profit last quarter also came from “other revenue,” and the core driver was the return on its investment in AI startup Anthropic. Analysts pointed out that this kind of one-time income generated by fluctuations in equity value conceals the true profitability of the enterprise's core business. For investors, in the context of tech giants generally increasing investment in AI infrastructure, how to separate non-recurring profits and losses from complicated financial reports and accurately screen the true profit level of core businesses has become an important challenge facing the current market.

The analysis points out that the sharp increase in profits of some leading companies is largely dependent on book profits brought about by equity investment rather than substantial growth in core business, which makes it more difficult for investors to evaluate the actual operating conditions of enterprises. According to the data, up to 71% of Alphabet's profit last quarter came from “other revenue,” mainly due to a revaluation of its equity investments in startups such as SpaceX and Anthropic. Similarly, 66% of Amazon's profit last quarter also came from “other revenue,” and the core driver was the return on its investment in AI startup Anthropic. Analysts pointed out that this kind of one-time income generated by fluctuations in equity value conceals the true profitability of the enterprise's core business. For investors, in the context of tech giants generally increasing investment in AI infrastructure, how to separate non-recurring profits and losses from complicated financial reports and accurately screen the true profit level of core businesses has become an important challenge facing the current market.