Alphabet's Q2 earnings revealed $99.03B in gains on equity securities — up from just $1.29B in Q2 2025 — driven largely by its Anthropic and SpaceX stakes. Anthropic was valued at $965B in May 2026 (up from $380B in February) after Claude Code gained traction for rapid application coding. Google first bought 10% of Anthropic in 2023 and announced plans to invest up to $40B more in April 2026, having already invested $3B+. SpaceX went public in June 2026; Google invested $900M in 2015. These equity gains, while non-cash, demonstrate that Alphabet's AI investments extend beyond infrastructure into equity stakes whose appreciation offsets — on paper — the $44.9B quarterly capex burn. The $99B gain made net income $112.1B despite negative free cash flow.