Google just posted Q2 revenue of $120B, up 24% year-over-year. Net income? $112B, up 298%. Sounds insane until you realize $98B of that — 87% — came from unrealized gains on equity holdings like SpaceX and Anthropic.
So yes, they made money. But most of it is paper gains, not cash flow from operations. The real story: Cloud revenue up 82% to $25B. That's the business line actually growing fast and generating real income.
This is a reminder: headline earnings can be misleading. Unrealized gains...