MoneyAugust 3, 2026via CNBC Technology
Big Tech's Anthropic and OpenAI stakes are distorting the corporate earnings picture
Why it matters
Big Tech's massive stakes in Anthropic and OpenAI are inflating earnings reports and masking weaker underlying operational performance. This matters for practitioners evaluating which AI companies are actually generating revenue vs. riding valuation gains, and for enthusiasts tracking the financial health of the labs themselves.
Key signals
- Article examines Big Tech investment gains from private AI company stakes as a material earnings component
- Suggests that stripping these gains reveals a less bullish earnings picture for Big Tech
- Implication: significant portion of reported earnings tied to mark-ups on Anthropic and OpenAI equity, not operational AI business
- Published August 2026 — recent earnings season analysis
The hook
Strip out the private AI stakes and Big Tech's earnings story flips. Here's what the real numbers show.
If you were to strip out Big Tech's investment gains from private AI companies, the earnings story is a lot less bullish.