Alphabet’s massive profit growth is just an illusion, as SpaceX and Anthropic help mask a historic cash drain
THE SO WHAT
When Alphabet’s earnings quadruple on paper but are driven by unrealized gains in SpaceX and Anthropic, you’re looking at a balance sheet masking heavy cash burn in AI and infra. Operators should ignore the headline EPS and focus on what this implies: continued pressure to monetize AI surfaces — ads, cloud, and assistants — to fund that historic cash outflow.
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