Alphabet's stake in Elon Musk's SpaceX looms as a big test for Google stock. Will Google sell SpaceX shares to fund soaring AI spending.

Alphabet's record profit driven by investments in SpaceX and Anthropic, but rising AI spending concerns investors.

Alphabet's Google says its SpaceX stake is now worth $94.1bn after the IPO, most of it locked up. Its investments gained nearly $100bn in Q2.