Alphabet, Amazon, Nvidia, and Microsoft collectively booked more than $160 billion in unrealized gains during the second quarter of 2026, all from the rising valuations of their stakes in private AI companies. That figure more than doubled from roughly $69 billion the prior quarter.
The gains, classified as “other income” on financial statements, are technically real under current accounting rules. But they represent paper wealth, not cash.
Where the money came from (on paper)
Alphabet led the pack with $97.9 billion in other income for the quarter ending June 30, 2026. That figure more than doubled from the previous quarter, driven by surging valuations of companies it has backed in the AI space.
Amazon’s other income hit $53.4 billion, more than tripling the prior quarter’s total.
