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Half of the S&P 500's Earnings Jump This Quarter Came From Two Companies That Lose Money
Reuters Breakingviews reported August 3 that SpaceX and Anthropic — neither profitable — account for half the $280 billion rise in S&P 500 earnings this quarter, because Alphabet and Amazon book unrealized mark-ups on their stakes as income. Amazon's quarterly net income tripled on a $53.4 billion non-operating gain from Anthropic; Alphabet's EPS rose about 300%, or roughly 23% once the AI stakes are stripped out. Index-wide earnings growth falls from 47.4% to 28.8% without those two companies.
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When AI Goes Public: Shareholders vs. Abundance
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