Alphabet’s second-quarter regulatory filing shows a massive surge in its balance sheet. The company recorded approximately $99 billion in net gains on equity securities for the quarter ending June 30. The total value of its non-marketable securities nearly doubled to $131.5 billion.
Analysts attribute the surge to the soaring valuation of AI startup Anthropic. Alphabet holds an estimated 14% stake in the private firm.
The unrealized gain represents a non-cash accounting event. Amazon also holds a major stake in Anthropic and stands to benefit from the valuation increase.